Pakistan textile division is urging caretaker Minister for Commerce and Textile to undo the former government decision regarding winding up of Pakistan Textile City Limited. The approval from concerned Board of Directors to change the company management and present a fresh comprehensive yet viable business as well as financial plan to cater to the payback of loans and liabilities to provide a successful way forward to the textile industry.
Other countries have successfully enhanced their exports by investing in infrastructural developments for the textile sector which is pre-requisite to attract foreign and local investment. India and Bangladesh have established 66 and 46 economic zones respectively, whereas Pakistan has only 8.
In 2018 the price of PTCL land has increased to Rs 8.
1 million per acre from Rs 0.794 million per acre and the total PTCL land is 1250 acre.
In the argument presented to the caretaker Prime Minister the Textile Division said, “No alternate land is available in vicinity of Port Qasim area which is more suitable for textile exportable surplus to cater to future requirements of a multifarious economic zone.
Pakistan is facing alarming trade deficit. This initiative will contribute to increasing textile exports resultantly decreasing trade deficit.
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