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PTEA welcomes banking committee for revival of sick units

July 12, 2014

Pakistan Textile Exporters Association (PTEA) has welcomed the constitution of a special banking committee for revival of sick textile units by the Textile Ministry.

Revival of sick units in Faisalabad itself can help in fetching US$ 1 billion in foreign exchange and in addition create thousands of new jobs.

In a statement here on Friday, Sheikh Ilyas Mahmood, Chairman and Adil Tahir, vice chairman PTEA appreciated the special efforts of Textile Minister Abbas Khan Afridi for revival of textile industry and increase in textile exports. This move is initiated by the Textile Ministry to perk up the sick production units operating in the textile sector of the country.

This step would help to boost industrialization and provide jobs to the labourers. Activation of idle capacities in the value-added textile sector is a major challenge which is projected to be collectively worth Rs. 150 billion, they said.

Special banking committee comprised of National Bank of Pakistan and Habib Bank Limited will take effective measures and provide necessary financial assistance to get these units back on track and operate at their installed capacity.

"We have the capacity and the market to double the country's textile exports in three years, from the current US$ 13 billion to US$ 26 billion, if we get the working capital to run our plants and a fair deal in the allocation of gas and electricity," they argued.

In order to boost up exports of the country, the government should speed up its efforts to revive the idle capacity of textile sector, they demanded.

They demanded the government to ensure round the clock uninterrupted gas supply to textile industry in line with other provinces to reap maximum benefits of duty free market access facility from the EU.

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Source: Balochistan Times (Pakistan)

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