All Pakistan Textile Mills Association Chairman, S M Tanveer has said approval of a timely relief package by Prime Minister would lead to resurgence of the beleaguered Pak textile industry and reaping the socio-economic benefits for the country through a strong textile industry, according to a Pakistani media report.
“A billion dollar investment for structural balancing, earning precious foreign exchange to get rid of the lending agencies, employment creation and consequent revenue generation would be the immediate socio-economic benefits of a textile industry on strong footing” he said.
Thanveer thanked the Prime Minister for holding a detailed meeting with textile industry associations to finalise a relief package in context of the high cost of doing business and relating issues.
He said the cost of doing business has escalated 15 per cent due to the overvalued Pak rupee and non-transfer of reduction of oil prices. Consequently, around 35 per cent textile production capacity has become impaired throughout the Country.