All Pakistan Textile Mills Association has called the countryâ€™s current uncertain and unstable political crisis more critical than the persistent energy one. Although, the government is working to resolve the energy crisis and the law-and-order situation as priorities because energy and other problems hinder trade and economic development.
S M Tanveer, Chairman of APTMA stated that Punjab textile industry has been suffering a daily loss of $30 million and it has now become next to impossible to operate businesses as the world is continuously inquiring about the political situation. Shipments are stuck in Karachi due to which they are losing ground in international market.
Millers claim to have lost potential local and international market due to the load-shedding issues. Though they managed to earn foreign exchange of $13.7 billion last year, the industry is now idle due to many factors. In the prevailing political situation and chaos, they are not even getting containers to send the shipments to Karachi port.
The industryâ€™s mid-term plan was to touch the figure of $25 billion in five years after the grant of Generalised System of Preferences Plus status from the European Union. The textile industry needs consistency to operate and earn foreign exchange for the country. Only tolerance and forbearance can take Pakistan out of its socio-economic issues.
The industry circles are worried over the prevailing political uncertainty and demand an early end. Pakistan has been looking to improve its balance of trade figures, looking to tap in potential markets for an increase in foreign exchange earnings. The GSP Plus status gave the industry a chance to earn more but it requires a sound and stable business environment, opined Tanveer.
Aptma has made it clear that they have no political affiliation with anyone and hoped that sanity prevails and the government digs out options to avoid the unfavourable situations ahead.
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