KARACHI, Aug 6: A large number of towel units have been closed thereby rendering around 500 looms out of production.

This was stated by Towel Manufacturers’ Association (TMA) chairman Syed Usman Ali at a meeting here on Tuesday.

He said that the increased cost of raw material, electricity and wages had made the industry sick and many units were closed down across the country.

He said that the government was not setting its priorities and instead of supporting industry, which provides employment and also earns foreign exchange, speculative businesses like trading in stocks are being provided with funds.

The TMA chief disclosed that recently China allowed 15 per cent duty drawback and many other facilities to the textile exporters whereas “our government is yet to fix its priorities”.