Textile sector on verge of default, APTMA writes to gov SBP
- By Web Desk -
- Mar 21, 2023
All Pakistan Textile Mills Association (APTMA) has warned that the textile sector is on the verge of default, ARY News reported on Tuesday.
In a letter to governor State Bank of Pakistan (SBP) Jameel Ahmed, the APTMA said that currently the textile industry is facing three major issues.
The textile sector is on 50 percent less production capacity and approximately 7 million people have lost their jobs in textile sector.
The letter further states that if the textile sector is closed over 10 million people will lose their jobs across the country and 10 billion lost to the annual imports
The cotton production has decreased to 5 million bales which is why the textile industry will have to import 10 million more cotton bales.
Read more: APTMA WARNS UNEMPLOYMENT OF 10M TEXTILE WORKERS
APTMA has informed the Governor SBP that cotton stocks are almost finished and the textile mills will be closed soon because of no industrial cotton.
Furthermore, the letter stated that the already imported cotton consignment are stuck at the port, the APTMA urged the Governor SBP to open the LCs of cotton import.
Earlier, the patron-in-chief of the All Pakistan Textile Mills Association (APTMA) Gohar Ejaz warned that approximately 10 million textile workers will be unemployed in Punjab.
The APTMA patron-in-chief Gohar Ejaz had written a letter to Prime Minister Shehbaz Sharif and said that approximately 10 million textile workers will be unemployed in Punjab and the country would face a massive financial dent in terms of a $10 billion drop in exports.