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APTMA rejects fake news on closure of textile industry from Saturday

The propaganda is purely based on speculations and assumptions. Under the current circumstances, any decision to shut down the entire industry would be disastrous and irresponsible, says APTMA.

The All Pakistan Textile Mills Association (APTMA) strongly rejects the fake news regarding the closure of the Textile Industry from Saturday 30th December 2022, circulating in the media.

The propaganda is purely based on speculations and assumptions deduced from the letter sent to the Prime Minister of Pakistan, explaining the on-ground situation of the Textile sector and the operational roadblocks.

On 23rd December 2022, Patron-in-Chief, APTMA, Dr Gohar Ejaz wrote a detailed letter to the Prime Minister of Pakistan, providing an account of the present situation of the Textile Industry and the mammoth challenges being faced by the export sector.

In the letter, the management apprised the Prime Minister of the Textile sector operating at a capacity utilization of less than 50% across the country due to various issues highlighted.

Read more: Textile exports to fall below $1B per month in 2023, warns APTMA

APTMA has asked the Government to take appropriate actions and pay special attention to the issues highlighted in the letter to enable the export-oriented sector to continue to contribute maximum support for the Balance of Payments as well as employment for the people of Pakistan.

In its recent letter to the Prime Minister, APTMA revealed that Pakistan’s textile exports are expected to fall below $ 1 billion per month from January 2023. Since Pakistan’s economy to a very large extent depends on textile exports for foreign currency and employment, the international economic situation primarily caused by the Ukraine crisis combined with the floods in Pakistan have combined to formulate the perfect storm for the country’s economy.

However, under the current circumstances, any decision to shut down the entire industry would be disastrous and irresponsible. APTMA is a conscientious body that is cognizant of the challenges faced by the country and is aligned with the fabric of this nation and its sovereignty.

“We request all the stakeholders play their responsible role in steering our country out of these difficult times and avoid associating themselves with baseless propaganda,” APTMA said.

Read more: APTMA unveils steps for rescuing Pakistan’s export sector