Home / Knowledge / News / Textiles / APTMA to discuss way forward for textile sector with govt

APTMA to discuss way forward for textile sector with govt

12
Jul '12
A high-powered 16-member delegation of All Pakistan Textile Mills Association (APTMA) will call on Prime Minister Raja Pervez Ashraf to present him way forward of textile industry.

Mohsin Aziz, Chairman APTMA, along with Gohar Ejaz, Group Leader APTMA, Seth Akbar, Vice Chairman, Tariq Saud, Vice Chairman, Ahsan Bashir, Chairman APTMA Punjab, Shahzad Ali Khan, Convener Energy Committee and Zonal Chairmen and Vice Chairman will brief the Prime Minister about fast eroding competitiveness of textile industry in the region due to short supplies of electricity and gas.

APTMA spokesman said the delegation would apprise the Premier of the fact that both the investment and industry viability are at stake in the absence of an immediate BMR worth US$5 billion in next three years to maintain $15 billion production capacity.

He said the APTMA delegation would also urge upon the Prime Minister to direct the State Bank of Pakistan (SBP) for industry-specific interventions, including regionally competitive interest rate, to generate growth and employment in the country. The loans of textile industry have touched to the lowest level of seven percent of Rs7 trillion, amounting to Rs500 billion mainly due to energy crisis.

The NPLs are set to reach 50% of the total loans and industry is unable to perform on 12% interest rate and 7% bank spread in a situation when 40% capacity is down due to energy shortage. He said India is offering loans to its industry on 3.5%, which is needed to be followed in Pakistan.

The APTMA delegation would also discuss the imposition of Rs100 per BTU and Gas Infrastructure Development Surcharge on industry, thus enforcing a tax of Rs24 billion per annum. He said the industry would only consider paying this surcharge on such an exorbitant rate once the mechanism for the expeditious implementation of infrastructural projects.

Also, he said, it should be escrow account for specific utilization. H said the APTMA way forward consists of offering partnership under Public Private Partnership (PPP) model for erecting LNG terminal without seeking any sovereign guarantee from the government.

Besides, a submission will also be made to the prime minister to ensure expeditious implementation of the surcharge of Rs24 billion collected under the development of gas infrastructure in country, including LNG, IP, and TAPI gas import projects, he added.

He said it is high time to attract investment to the export-oriented industry to overcome 40 percent decline in textile exports in quantity terms and revival of sick units in the country.

He added that APTMA would also demand exemption from load shedding for textile industry on independent feeders and winter strategy for textile industry on gas allocation.

APTMA would also raise concerns over imminent floods ahead and urge upon the government to introduce Crop Insurance Scheme for farmers, as a proposal is already put forward by APTMA in this regard.

APTMA spokesman said Ministers for Textile Industry, Water & Power, Petroleum & Natural Resources and Finance would also be present in the meeting.

All Pakistan Textile Mills Association (APTMA)


Must ReadView All

US President Joe Biden. Pic: Shutterstock

Textiles | On 29th Jul 2021

Proposed amendments to raise US content in federal purchases announced

The United States has decided to raise US-made content in government...

Pic: Shutterstock

Apparel/Garments | On 29th Jul 2021

Uninterrupted supply chain crucial for Vietnam amid ongoing COVID wave

Ensuring that the supply chain of Vietnam is not interrupted amid the ...

Pic: Moschino

Fashion | On 29th Jul 2021

Italy’s Aeffe buys remaining 30% stake in Moschino for full ownership

Italian luxury fashion company Aeffe has acquired fashion house...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Good tidings expected for textile industry

Vandana Narang, National Institute of Fashion Technology

Vandana Narang
National Institute of Fashion Technology

Campus placements are low due to lockdowns

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchains will be in heavy use by early adopters by 2025

Rajesh Vohra,

Rajesh Vohra

A part of the Italy based multinational company Artsana Group, Chicco is...

Richard Armitage,

Richard Armitage

Adaptive Control automates, controls and monitors machines, systems and...

Nina Smith,

Nina Smith

GoodWeave International, a nonprofit working to end child, forced and...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Abhishek Bajaj & Samiksha Bajaj, Samshek

Abhishek Bajaj & Samiksha Bajaj
Samshek

Samshek is a fashion forward tech brand which combines digital experience...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search