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Import of textile machinery plunges

26
Feb '07
Industrialists have stopped new investment in the textile sector due to persistent crisis. As a result, import of textile machinery plunged by 42 percent during January 2007, industrialists said on Friday.

They said that the 'high cost of doing business' had landed the country's textile industry in severe crisis, hampering fresh investment in the sector. "We are waiting for a relief from the government to salvage the industry," they added.

They said that textile exporters are not able to compete with regional competitors, India, Bangladesh and China. On the contrary, the government does not seem to take notice of the high cost of production.

Statistics show that in January 2007 Pakistan imported textile machinery worth $38.553 million as compared to $66.450 million in January 2006, which depicts a decrease of $27.897 million, or 42 percent, only in one month.

The country's textile machinery imports amounted to $319.234 million during July-January of current fiscal year, as compared to $484.309 million during same period of last fiscal year, showing a decline of $165.075 million, or 34 percent.

Imports of textile machinery during January 2007 were also down by $1.291 million, or 3 percent, against $39.44 million in December 2006. A leading textile industrialist, Zubair Motiwala, criticised the government policies and said that export culture in Pakistan badly lacks to boost investment in the country, which is also affecting all other sectors, including textile.


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