Islamabad, 20 January 2023 (GNP): Textiles owners on Thursday warned to go on a strike over delays of imported cotton containers at Karachi Port amid the country’s struggle to boost fast-depleting foreign exchange reserves.
All Pakistan Textile Mills Association (APTMA)’s chairman Hamid Zaman stated while having a discussion with Lahore Economic Journalist Association at APTMA house: “The textile industry will be forced to protest if the government doesn’t clear the imported cotton coming to Karachi. The textile industry has failed to meet an export target of $25 billion in the current year due to unavailability of raw materials, raw cotton specifically. This year, textile exports will be limited to $16 billion or $17 billion.”
He further added: “The industry has left with 60 days’ raw materials only and if timely clearance of already arrived cotton will not start from the port, textiles will completely shut down. This will result in unemployment of 25 million people across the country.”
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The chairman of APTMA explained that almost 30 to 50% of the textile industry in Punjab, Khyber Pakhtunkhwa, and Sindh has already been completely or partially shut down. He requested the government to instruct commercial banks as well as the State Bank of Pakistan to ensure a timely opening of letters of credit for the cotton importers to avoid any export complications.
