ISLAMABAD
The textile sector who is adding billion dollars to the annual budget of the country is near to bankruptcy. 70 Lac individuals associated with Textile sector became unemployed.
Exposure to less than 50 percent productivity of Local textile industry.
According to details, all Pakistan Textile Mills Association (APTMA) wrote a letter to governor of state bank which states: the textile sector in country reached near to bankruptcy whereas 70 Lac individuals became unemployed.
Letter expressed concerns over three issues that textile industry is facing.
Local textile industry is running on less than 50% production capacity due to textile sector came near to bankruptcy and 70 Lac individuals associated to this have been unemployed.
It said in letter that if textile sector get closed then there will be unemployment at larger scale.
More than 1 Crore will be unemployed from textile closures.
Annual exports of 10 billion dollars will be damaged due to closure of textile sector.
Local production of cotton has left of less than surface of 50 Lac bales due to flood and rain.
The production of cotton has left equal and less than 2 billion dollars in the country.
Pakistan will have to export 1 crore bales of cotton.
Banks are not opening LC for export of cotton in the country whereas the stocks of cotton are near to lasting in the textile mills.
Association says that the local textile industry will be closed completely due to unavailability of cotton.
APTMA told by requesting governor of State Bank to open LCs for export of cotton immediately that the export of cotton concitements are already stuck on report.
