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KCCI urges President to save the crumbling textile sector
11
Sep '08
Karachi Chamber of Commerce and Industry (KCCI), urged Asif Ali Zardari, the newly elected President of Pakistan to hold a meeting of the stakeholders for discussing the reasons for the downfall that is being marketed in exports.

There is dissatisfaction among the people related to the textile industry because the Government has hiked the tariffs of gas and electricity up to 31 percent. Such rise is bound to increase the price of commodities that, in turn will badly affect the entire chain, which can come to a halt.

Already the sector is finding it difficult to fight against the tough competition being posed by global competitors. Industrialists opine that unless trade surplus is created nothing can happen. It can only be done when the authorities can solve problems at an early stage itself, before they take a magnanimous shape.

Experts believe that, the issue needs to be addressed immediately as textile sector is the major industry of the nation and contributes nearly 60 percent to the total export earnings. If this industry suffers its impact will be felt all over. More than 42 percent of population is associated with textile industry, and if entrepreneurs are forced to pull the shutters down, it will create massive unemployment.

Industry insiders suggest, Pakistan should also adopt healthy policies the way Bangladesh has done, in order to once again strengthen its vital sectors.


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