Rising cost of doing business in the last several years has not only stalled fresh investment in Pakistan’s textile industry but has also hampered export growth and turnover. This was stated by the newly-elected chairman of Pakistan Textile Exporters Association (PTEA) Ajmal Farooq during the annual general meeting of the Association. The government should devise a comprehensive strategy to counter the issue in order to accelerate the industrial pace and also to save livelihood of millions of workers, he observed. The meeting was presided over by Asghar Ali, Chairman of PTEA and attended by a large number of exporters.

Addressing members, Farooq said in the prevailing economic conditions, rising cost of production was the core issue for textile exporters. Pakistani exporters are under pressure due to prevailing economic financial, industrial crisis in the country as well as persistently high cost of production, heavy burden of taxes and high energy cost which are badly affecting the industrial and trade activities and productivity output.

Expressing concern over continuous downfall in country's exports, he said that Pakistan's share in the world textile and clothing trade of an estimated $718 billion has plunged to 1.7 per cent from 2.2 per cent less than a decade ago, with regional rivals capturing a greater market share. Bangladesh's share has increased from 1.9 per cent to 3.3 per cent and India's went up from 3.4 per cent to 4.7 per cent during the same period. He emphasised unity of textile sector to enforce the government to focus on consolidation and strengthening of economy and uplifting the industrial productivity in the country.

Addressing on the occasion, newly-elected vice chairman of the Association Muhammad Naeem assured that no stone will be left unturned for promotion of exports and industry. Problems of exporters will be taken at all possible levels and efforts will be done to get solved the issues, he remarked.