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Stock update: July 21 2017.

Recent Financial News in the 'textile-composite' category

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Monday, July 17 2017

‘Textile sector collapsing due to incompetent export managers’
ISLAMABAD - Islamabad Chamber of Small Traders (ICST) on Sunday said textile sector is slowly collapsing and the government should take note of the plight of this sector. ICST Patron Shahid Rasheed Butt said that weak trade diplomacy and semi-educated export managers proved to be a double whammy for the export sector which was already reeling under various problems. Failed trade diplomacy is one of the reasons behind dwindling exports which has forced the government to borrow from international lenders repeatedly to save the country from default, he added. He said that fundamental changes should be introduced in the export sector otherwise the government will have no option to borrow to keep forex reserves within respectable limits. Textile sector is going down due to incompetent export managers who were appointed on political considerations, he added. Butt said that exports of the other countries are going well but local authorities get comfort in blaming the global recession.
Related news categories: business misc textile-composite textile-spinning textile-weaving

Tuesday, July 04 2017

APTMA to organize textile convention in mid of July
ISLAMABAD: All Pakistan Textile Mills Association (APTMA) with all textiles Associations in the country will organize the textile convention in the mid of July. In textile convention APTMA, all textile industries will hold consultation and consensus for future plan of action for the growth of the industry in country, Secretary General, APTMA, Anis ul Haq told APP here on Monday. He emphasized upon competitive business environment to compete with regional competitor for enhancing the country's exports. "We want to compete the regional competitors including India, Bangladesh, Sri Lanka and Vietnam for enhancing the county's export to achieve the target of economic stability and growth," he said. Anis ul Haq said that Pakistan required export-led growth for economic stability of the country. Textile industry contributed 60 per cent in total exports of the country, which was considered backbone of economy, he added. He hailed Rs 180 billion "Export enhancement package" adding the package would give huge relief to the textile sector for enhancing the exports in the sector. Secretary General, APTMA stressed the need for implementing this package soon which also gave relaxation on the import of textile machinery for the modernization and enhanced the capacity of the sector.
Related news categories: business misc textile-composite textile-spinning textile-weaving

Friday, June 30 2017

Textile sector ‘needs govt attention’
ISLAMABAD: Pakistan’s ailing textile sector needs immediate attention of the government, the Federation of Pakistan Chambers of Com­merce and Industry (FPCCI) said on Wednesday. The chairman of FPCCI’s regional committee on industries, Atif Ikram Sheikh, said in a statement that the textile sector was the largest urban employment provider and largest foreign exchange earner and therefore deserved resolution of the problems, which have affected its exports. Energy crisis, refund claims, input costs, the burden of taxes and lack of enabling rules have increased the cost of doing business for the sector, he said. He said the current scenario was depressing as the production was restricted, exports were shrinking and the sector stood at a disadvantage as far as the economy and government’s support were concerned.
Related news categories: business misc textile-composite textile-spinning textile-weaving

Thursday, June 29 2017

Textile sector ‘needs govt attention’
ISLAMABAD: Pakistan’s ailing textile sector needs immediate attention of the government, the Federation of Pakistan Chambers of Com­merce and Industry (FPCCI) said on Wednesday. The chairman of FPCCI’s regional committee on industries, Atif Ikram Sheikh, said in a statement that the textile sector was the largest urban employment provider and largest foreign exchange earner and therefore deserved resolution of the problems, which have affected its exports. Energy crisis, refund claims, input costs, the burden of taxes and lack of enabling rules have increased the cost of doing business for the sector, he said.
Related news categories: business misc textile-composite textile-spinning textile-weaving

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