Suspension of Gas Supply to Cause $1 Billion Loss to Textile Industry: APTMA

All Pakistan Textile Mills Association (APTMA) has requested Prime Minister Shehbaz Sharif to restore the gas supply to the textile industry on an urgent basis as the suspension will cause a loss of at least $1 billion in just 15 days. In a letter written to the prime minister, APTMA Patron-In-Chief Dr. Gohar Ejaz said that the gas supply to the industry has been suspended from 1 to 8 July, and businesses will also remain closed on the Eid holidays from 9 to 14 July which will cause a loss of at least $1 billion. Dr. Ejaz reminded the PM that the textile industry has reached a new record with exports hitting $20 billion from $12.5 billion within two years. He said that the growth in exports was due to the implementation of the Regionally Competitive Energy Tariff (RCET), investment of $5 billion in expansion, and the establishment of 100 new textile units. This increased the industry’s export capacity by $500 million per month, he added. He complained that the industry, which was contributing heavily to exports and could deliver $2 billion in exports every month, was being denied the supply of gas. He cautioned that if the situation continued, it would lower the exports causing the economy to further worsen.