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Thursday, May 30, 2024

APTMA strongly denies rumors regarding closure of mills

APTMA has not issued any statement regarding the closure of mills and strongly denies any such rumors.

The management of the All Pakistan Textile Mills Association (APTMA) strongly condemns the propaganda about the closure of mills. This is to clarify that APTMA has not issued any such statement regarding the closure of mills. APTMA strongly denies any such rumors.

Pertinent to mention that textile millers have cautioned the government that a significant number of exporting units could be closed down as they have lost a competitive edge following the discontinuation of the Regionally Competitive Energy Tariff (RCET).

Read more: APTMA urges govt. to continue RCET for export industry

APTMA Patron-in-Chief Dr Gohar Ijaz, in a letter sent to Prime Minister Shehbaz Sharif on Wednesday, said that the withdrawal of RCET was likely to result in the closure of a significant part of the export industry, leading to unemployment, loss of export revenue, and further deterioration in the balance of payments.

The textile industry plays a critical role in generating foreign exchange, and without the continuation of RCET, Pakistan’s exports will inevitably decline, leading to a much lower than budgeted or expected influx of foreign exchange.

Amid this backdrop, rumors began making the rounds that the textile mills are closing down due to the absence of RCET. However, APTMA strongly denies rumors as it has not released any statement regarding the closure of mills.

Read more: APTMA calls for reinstating regionally competitive energy tariff