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All Pakistan Textile Mills Association (APTMA) on Tuesday warned of textile sector’s imminent collapse, saying that 7 million people have already lost their jobs due to production cuts.
In a letter to governor State Bank of Pakistan (SBP) Jameel Ahmed, the APTMA said that currently the textile industry is facing three major issues.
The production capacity of the textile industry has been reduced by 50%, and there have been about 7 million job losses in the industry.
The letter further claims that closing the textile industry would result in over 10 million job losses nationwide and a $10 billion loss in annual imports.
The textile industry will need to import 10 million extra cotton bales because cotton production has dropped to 5 million bales.
APTMA has informed the Governor SBP that cotton stocks are almost finished and the textile mills will be closed soon because of no industrial cotton.
Furthermore, the letter stated that the already imported cotton consignment are stuck at the port, the APTMA urged the Governor SBP to open the LCs of cotton import.
Earlier, the patron-in-chief of the All-Pakistan Textile Mills Association (APTMA) Gohar Ejaz warned that approximately 10 million textile workers will be unemployed in Punjab.
