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Demand for resurgence of closed units in Pakistan

YarnsandFibers News Bureau 2014-07-09 12:00:00 – FAISALABAD

A meeting was held between the Faisalabad Chamber of Commerce and Industry (FCCI) President Suhail Bin Rasheed and textile entrepreneurs on Tuesday. The prime agenda of the meet was focused on the revival of closed units in the textile sector.

 

Former textile minister Mushtaq Ali Cheema also spoke while Azhar Majid, Mian Muhammad Latif, Farhan Latif and FCCI’s former president Muzammal Sultan were present.

 

Textile entrepreneurs have urged the government to do its utmost for the revival of closed units as yarn consumption at international level is declining and local value-added textile sector can exploit the situation. They said revival of such units would also provide jobs to the jobless if the government provided them with required working capital to take benefit of the GSP Plus status from the EU.

 

The FCCI president said in the meet that the export of value-added textile products had increased significantly in May but still the industrial units were not fully utilizing their capacity. Steps should be taken for the revival of sick units by giving them working capital so that they could increase the textile exports. He even agreed with the entrepreneurs that revival of such units would open jobs for unemployed youth as well.

 

The Ministry of Textile had issued a notification for the revival of the closed industrial units in which two major banks had been taken on board in the presence of the governor of the State Bank of Pakistan, Mr Rasheed.

 

As the textile secretary was out of country, the case would be shadowed again on her return.

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