APTMA turns down spurious news on closure of textile industry

ISLAMABAD, Dec 26 (SABAH): The All Pakistan Textile Mills Association (APTMA) has strongly rejects the fake news regarding the closure of the Textile Industry from Saturday [December 30, 2022] circulating in the media.

The propaganda was purely based on speculations and assumptions deduced from the letter sent to the Prime Minister of Pakistan, explaining the on-ground situation of the Textile sector and the operational roadblocks.

On 23rd December 2022, Patron-in-Chief, APTMA, Dr Gohar Ejaz wrote a detailed letter to the Prime Minister of Pakistan, providing an account of the present situation of the Textile Industry and the mammoth challenges, being faced by the export sector.

In the letter, the management apprised the Prime Minister of the Textile sector operating at a capacity utilization of less than 50% across the country due to various issues highlighted. APTMA asked the government to take appropriate actions and pay special attention to the issues highlighted in the letter to enable the export-oriented sector to continue to contribute maximum support for the Balance of Payments as well as employment for the people of Pakistan.

In its recent letter to the Prime Minister, the APTMA revealed that Pakistan’s textile exports were expected to fall below $ 1 billion per month from January 2023. Since Pakistan’s economy to a very large extent depends on textile exports for foreign currency and employment, the international economic situation primarily caused by the Ukraine crisis along with the floods in Pakistan have combined to formulate the perfect storm for the country’s economy.

However, under the current circumstances, any decision to shut down the entire industry would be disastrous and irresponsible. APTMA is a conscientious body that was cognizant of the challenges faced by the country and was aligned with the fabric of this nation and its sovereignty. “We request all the stakeholders play their responsible role in steering our country out of these difficult times and avoid associating themselves with baseless propaganda,” APTMA said.