APTM thanks govt for RLNG fa­cil­ity

The Pak Banker - - COMPANIES/BOSS - Staff Re­port

Chair­man All Pak­istan Tex­tile Mills As­so­ci­a­tion, Tariq Saud thanked the Prime Min­is­ter Mian Nawaz Sharif, Fed­eral Min­is­ter for Fi­nance Mr. Muham­mad Ishaq Dar, Fed­eral Min­is­ter for Pe­tro­leum & Nat­u­ral Re­sources Mr. Shahid Khaqan Ab­basi for pro­vid­ing round the clock en­ergy in the form of Re-gasi­fied Liq­uid Nat­u­ral Gas (RLNG) for con­sump­tion of the Pun­jab­based tex­tile mills which would help in overcoming the short­age of en­ergy faced by the tex­tile in­dus­try, par­tic­u­larly in the Pun­jab and open up the op­por­tu­ni­ties of bring­ing in­vest­ment in the coun­try and en­er­gize the closed / idle ca­pac­ity of the tex­tile in­dus­try.

In a state­ment is­sued to the press, Chair­man APTMA said that the tex­tile in­dus­try is fac­ing a cri­sis like sit­u­a­tion be­cause of the high cost of do­ing busi­ness and liq­uid­ity con­straints.

Im­po­si­tion of GIDC has served to crip­ple the in­dus­try which is al­ready bur­dened and has be­come un­com­pet­i­tive viz- a- viz to their re­gional com­peti­tors in the ab­sence of liq­uid­ity flow.

He said in view of de­clin­ing oil prices and nat­u­ral gas prices in the in­ter­na­tional mar­ket there is no jus­ti­fi­ca­tion for im­po­si­tion of GIDC. He urged upon the govern­ment to re­move GIDC from en­tire tex­tile chain and en­able it to re­gain its com­pet­i­tive edge and mar­ket share.

He urged the Govern­ment re­move the Cap of fi­nanc­ing of Rs. 1.5 Bil­lion on Long Term Fi­nanc­ing Fa­cil­ity.

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