Textile industry is the only hope for the revival of Pakistan’s economy which is currently jolted by the high cost of energy and prolonged power outages.

It was stated by Yassar Sakhi Butt, President Islamabad Chamber of Commerce and Industry while commenting on the decline of textile exports by $5 billion.

He said that Pakistan is one of the largest cotton-producing countries of the world that employs the largest number of human resource but ongoing energy crisis has rendered thousand of people unemployed. Therefore, Government should immediately review the situation and provide uninterrupted power supply to textile industry for achieving the required export target of ongoing fiscal year, he maintained.

He said that the textile industry has been facing strong competition at international markets from regional competitors where electricity cost is lower and manufacturers are also enjoying special exemption. He urged the Government to intervene and direct the concerned authorities to provide smooth electricity and gas supply to the textile industry in the larger interest of the industry and textile exports.

ICCI President was of the view that production cost of textile has risen due to increasing interest rate, double digit inflation and continuous devaluation of rupee. It is becoming unviable for the textile manufacturers to continue with their operations under the unbearable electricity cost and continuous power outages, he added.

Yassar Sakhi Butt said that textile and garment sector is the backbone of our national economy that needs to be further strengthened by adopting investor-friendly policies and ensuring unremitting power supply to export oriented industries.

ICCI President called upon the Government to take serious steps to endure the textile industry and focus should also be on the value addition as textile sector need to enhance quality and production capabilities.