Pakistan 90% Textile Enterprises Are Facing Closure

2009/1/8 11:17:00 31

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A spokesman for the APTMA said Tuesday that the textile industry is of great significance for economic development.

Today, 90% of the textile enterprises in operation are losing money and facing bankruptcy.

Textile production has been declining for more than two months due to lack of electricity and gas.

Interest rates have risen sharply, the cost of financing has expanded, and the spread of banks has remained high. The profits of the textile and garment industry have been offset.

Interest rates have risen sharply since 2004.

The weighted average of interbank offered rate (KIBOR) increased by 261%, from 2% to an unreasonable 7.5%.

The spread of bank spreads is one of the highest in the world.

The spokesman said that the government must provide breathing space for the textile industry, overcome the flow problem, relax stringent rules, adjust unpaid bank loans, reduce raw material purchase loan interest rates, encourage mergers and acquisitions, and create a large-scale economy.

The spokesman said that the regression of the textile industry will lead to 3 million direct employees losing their jobs and 15 million family members in trouble.

The textile industry is the main buyer of cotton. Problems in the textile industry will have a negative impact on agriculture.

The number of textile exports decreased by 20%.

The textile industry faces multiple difficulties, including lack of electricity, less gas, barriers to international market access and unfavorable international market environment.

The textile industry striving for survival and made its own contribution to the overall economic development of the country, especially foreign exchange earning.