January 17, 2007	Wednesday	Zilhaj 26, 1427

LAHORE, Jan 16: The All-Pakistan Textile Mills Association (Aptma) has convened an extraordinary general meeting (EOGM) of the association on Tuesday to mull over the crisis facing the textile industry owing to rising costs of production, squeezing margins, shrinking market share and dipping exports.

The EOGM has been convened on the request member mills of the Aptma, which had submitted the request for convening EOGM to consider the current crisis facing the textile sector because of higher production and financial costs.

In the request, the member mills have pointed out that investment made by the textile industry in the recent years was under serious threat as economic parameters have badly affected the viability of he industry and its growth during the last couple of years.

“The sharp rise in cost have additionally burdened a 20,000 spindles spinning unit by approximately Rs80 million. Therefore, we request you to call EOGM to consider issues pertaining to high electricity cost, rise in financial charges, and import of cotton from India through Wagha,” the requisition filed by the member mills had stated.

Fireworks are expected at the EOGM as spinners and the value-added textile are demanding immediate relief for the entire industry to sustain in the world markets. The industry has been criticising the government for delaying the package as recommended by the National Textile Strategy Committee (NTSC), which was constituted by Prime Minister Shaukat Aziz.