APTM thanks govt for RLNG facility

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.