LAHORE: Chairman APTMA Punjab S M Tanveer has welcomed foreign investment in the textile industry, saying that it will boost confidence of the entrepreneurs at large.
He was talking to a select group of media persons after attending inaugural ceremony of Ruyi Group China on Wednesday.
He appreciated efforts of Chief Minister Punjab Shahbaz Sharif in pursuing the Chinese investors to invest in textile industry of Pakistan. It is a welcome step and all credit goes to the untiring efforts of the Chief Minister Punjab, he added.
According to him, this huge investment in the textile sector will change the industrial scene of Pakistan.
However, he pointed out that some 2.5 million spindles are already closed in the province of Punjab due to short supply of gas to the Captive Power Plants and unprecedented load shedding to the Prime users of electricity.
He said the energy shortage has resulted into partial as well as complete closure of mills in Punjab, resulting in decline in exports of yarn and fabric in quantity terms by 25% and 36% respectively as per latest exports data released by the government.
He said there is an urgent need of putting closed capacities operational through uninterrupted energy supplies to generate exportable surplus.
S M Tanveer said high rate of electricity tariff has added fuel to the fire, making industry uncompetitive in the region.
He said there is an urgent need of revival of $3 billion dormant potential of the industry in order to increase exports, keep employment intact and earn foreign exchange for the country.
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