FAISALABAD, March 17: The latest increase in the prices of petroleum products has also escalated cost of textile exports, making Pakistan’s textiles less competitive in the world market.

This was stated by Pakistan Textile Exporters Association (PTEA) Chairman Tahir Ishaque Bharara during his meeting with a delegation of the All-Pakistan Textile Mills Association (Aptma), here on Monday.

The Aptma team comprised Iqbal Ibrahim, chairman, and Akbar Sheikh and Tariq Saud, zonal chiefs of Lahore and Karachi, respectively.

The PTEA chairman identified common issues and problems of the textile industry and exports, and observed that the energy crisis, law and order situation, relief in mark-up, continuity of the R&D facility and preferential treatment to textiles were the major issues, needing immediate government attention.

He pleaded for curbing imports and increasing dependency on local cotton.

Regarding energy crisis, he suggested privatisation of public sector power units and freezing of gas and electricity tariff for the textile industry.

Iqbal Ibrahim also proposed self-sufficiency in cotton crop and viable financial cost for long-term financing (LTF) and human resource development.

He opined that the global textile industry is likely to grow from $300 to $850 billion in future, and our textiles have a good chance to capture the developed markets.

He stated that Pakistan’s textile exports could be increased to $40 billion with proper planning, strategy and compositeness.

—APP