Page 5 - TEXtalks. November-December 2022

05

Where does Pakistan’s textile
industry go from here? Global

markets wracked with extreme

energy shortages - Crisis no one’s
talking enough of

The skyrocketing energy prices, an to switch to more renewable
Editor-in-Chief outcome of the Russia-Ukraine war resources. Sustainability and
Yousaf Fareed and with Pakistan’s textile industry renewability shouldn’t be words
crunching amidst this tug of war, used for mere discussion and
Editor this crisis has become the perfect debate but also put into action as
Hassan Saeed storm for all. This nightmare is we are running short of time.
acutely affecting European
Sub-Editor countries, where buying power of From Bangladesh to South Africa,
Dr Sharjeel Abid consumers is declining, while fuel shortages and blackouts have
Arooj Sajid Bangladesh’s government is pushed import-dependent
implementing load-shedding to countries into economic turmoil,
Advisory Board: mitigate the energy crisis. The leaving desperate governments
Dr. Tanveer Hussain textile and apparel sectors are also scrambling for workaround
Dr. Muhammad Tausif bearing the brunt of this crisis in solutions. Meanwhile, Pakistan has
the form of high production costs, taken its own course by resorting
Marketing raw material shortages and decline to shortening its work week along
Memona Karim in export orders, etc. with the not so pleasant lengthy
Anusha Abid power cuts. Europe digging a
With the domino effect taking solution for itself has made the way
Layouts place, one by one textile industries rockier for other developing
Faizan Khan around the world are fearful of the nations. Europe has been able to
deteriorating businesses. Natural source large volumes of LNG by
Circulation gas and oil prices have been paying more than other markets,
Abrar Hussain wreaking havoc and has brought which has resulted in negative
the future of the European industry consequences for countries in
Address at stake. The industry has other parts of the world that
C-302, City Towers suggested a mechanism for already import LNG in larger
Main Boulevard, Gulberg II electricity pricing and called for a volumes. The prices are rising and
Lahore-Pakistan cap on gas prices. With this being less LNG is up for sale in the
said, measures will be adopted to global market, making it a much
Phone: + 92 42 35 788 700 avoid bankruptcy and relocation of less viable option for poorer
Fax: + 92 42 35 788 700 textile production outside of countries.
Europe.
Email: info@textalks.com As the situation has tripled its
Skype: textalks Global recession, crumbling complexities knowing no bounds, it
economies and inflation have is simply not possible to pass high
www.textalks.com never been kind and the need of energy costs down to the
the hour is to uplift textile consumer. The EU textiles
industries; certainly, a very obvious companies are mainly SMEs that
choice that needs to be made. do not have the financial structure
With the energy basket emptying to absorb such a shock which has
itself at the speed of light, we need made them more vulnerable.

November/December 2022 November/December 2022