The textile industry of Pakistan has requested the Government to cut down interest rates. Pakistan’s textile industry contributes around 53 percent to the country’s total exports. But due to limited energy supply and high interest rates, the textile industry of Pakistan is facing problems in maintaining their export volumes to other countries.
Mr. Mohsin Aziz, Central Chairman of All Pakistan Textile Mills Association (APTMA), told fibre2fashion, “Textile is a competitive field and we have to remain at par with the world. We have told the Government that though they have announced the policy of technical upgradation through the TUFS, the incentive offered in the policy is not as desired or required at this moment.”
Talking about the problems faced by the textile industry, he expresses, “In Pakistan, the textile sector is not performing well because of various reasons. First, the inconsistent power supply and frequent load shedding are affecting our production levels. Second, the current rate of interest at 14 percent is very high and the textile industry cannot compete in this scenario."
“For the upliftment of our textile industry we urged the Government to bring down the interest rates to the level of around 5 percent,” Mr. Aziz tells.
According to the export-import data released by Pakistan Bureau of Statistics (PBS), with a year-on-year decline of 10.38 percent, textile sector’s cumulative exports for last fiscal plummeted from previous year’s US$ 13.78 billion to US$ 12.35 billion.
Fibre2fashion News Desk - India