While Pakistan’s textile producers wait to receive news on a new textile package, which could potentially improve the country’s ailing textile industry, the All Pakistan Textile Mills Association (APTMA) said it plans to invest $1 billion each year to increase the country’s exports and foreign exchange reserves.
According to the Express Tribune, Tariq Saud, the association’s new central chairman, said the textile industry would agree to this investment unless the government guarantees a positive industry that would double exports over the next five years.
“The government is expected to restore the confidence level of textile millers by announcing the textile package sooner than later,” Saud said.
During his first speech at the 57th Annual General Meeting of APTMA, he promised to restore Pakistan’s textile industry and ensure growth and sustainability.
“Being the Sindh-Balochistan Zone’s outgoing chairman, I have been part of the association’s negotiations with the government on the textile package and I am sure that Prime Minister Nawaz Sharif and Finance Minister Ishaq Dar would announce the textile package on priority in the next few days,” Saud said.
Saud encouraged his team to explore every option in its efforts to reach growth and sustainability, while also ensuring competitiveness in its region.
The new central chairman has served as an APTMA vice chairman three times previously and as APTMA Sindh-Balochistan Region Chairman five times. The previous APTMA central chairman, SM Tanveer, said he hoped the new chairman would be able to guide the textile industry in a positive direction.
“It is unfortunate that the textile industry, the mainstay of the economy, the leading foreign exchange earner and employment provider through backward and forward linkages, is currently going through an unprecedented crisis,” Tanveer told the Express Tribune.