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Pakistan Textile Ministry to revive sick production units
13
May '14
The Pakistan Textile Ministry is already deliberating revival of sick production units operating in the textile sector of the country, as it would help in enhancing textile exports and harvesting benefits from the Generalized System of Preferences Plus (GSP+) status given by the European Union (EU), said Federal Minister of Textile Industry, Abbas Khan Afridi.

Minister Afridi was speaking to a delegation of textile exporters during a meeting held at the Faisalabad Chamber of Commerce and Industry (FCCI) office in Faisalabad, reports Business Recorder.

At the meeting, Mr. Afridi said the Government was fully aware regarding the importance of the value-added textile sector, as it not only earns huge foreign exchange for the country, but also creates jobs for the unemployed youth.

The Minister asked FCCI to finalize two or three viable options to revive the sick units operating in the sector, so that the Government and other related Ministries could deliberate and approve the most appropriate method.

On his part, FCCI president Engr. Suhail Bin Rashid said that FCCI had conducted a preliminary study on some of the sick units operating in the textile sector in Faisalabad and had arrived to a conclusion that revival of the sick units in Faisalabad itself could help in fetching US$ 1 billion in foreign exchange, in addition to creating 82,000 new jobs.

These units are known for their professional integrity but are victims of circumstances such as energy crisis coupled with recession in Europe, which has rendered them sick, and the Government must take necessary actions to revive them, he added.

Fibre2fashion News Desk - India

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