Textile sector stresses revival of sick units
STAFF REPORT FSD: Textile entrepreneurs have urged the government to do its utmost for the revival of sick units as yarn consumption at international level is declining and local value-added textile sector can exploit the situation.
They said revival of such units would also provide jobs to the jobless if the government provides them with required working capital to take benefit of the GSP Plus status from the EU.
They held a meeting to review the situation of the sick units held with Faisalabad Chamber of Commerce and Industry (FCCI) President Suhail Bin Rasheed.
On the occasion, the FCCI president said that the export of value-added textile products had increased significantly in May but still the industrial units were not fully utilising their capacity.
He said steps should be taken for the revival of sick units by giving them working capital so that they could increase the textile exports.
He said revival of such units would open jobs for unemployed youth as well.
Briefing the participants on his meeting with the governor of the State Bank of Pakistan, Mr Rasheed said the Ministry of Textile had issued a notification for the revival of the sick industrial units in which two major banks had been taken on board.