LAHORE: All Pakistan Textile Mills Association (APTMA) Chairman S M Tanveer has said that the textile industry has to bear $1.2 billion loss during the last six months due to acute power shortage and it will have to face further $2.2 billion loss in future, if the energy crisis is not overcome.
S M Tanveer, addressing the press conference, said that delay in announcement of textile policy would further increase uncertainty in textile industry.
He said no new investment was being made in the textile industry because of the energy crunch and 52pc rise in the cost of doing business on account of raised electricity prices. He said the industry was ready to invest $1 billion a year in new capacities, provided the government guaranteed uninterrupted supply of gas and electricity to the factories.
The Aptma chief said the unprecedented increase in energy tariff had proved to be the last straw on industry’s back, adding that the exchange rate appreciation had further eroded viability of the export-oriented industry, particularly in Punjab which had 70pc mills.
He urged Prime Ministerial Committee on Textile Industry Chairman Ishaq Dar to prioritise the textile industry in gas and electricity supplies to protect exports, jobs and investments.
