Financial constraints: Over 1,500 industries shut down in five years

Major reason for the closure of industrial units was financial constraints.

ISLAMABAD:

A total of 1,579 industrial units have been shut down in the last five years across the country for various reasons, sources said on Monday.

The Ministry of Industries and Production had asked all provincial governments and export-processing zone authorities (EPZA) to provide it with details of all closed industrial units along with the number of workers rendered jobless.

Giving the break-up of sick industrial units in the country, the sources said that Punjab, Sindh, Khyber-Pakhtunkhwa, Balochistan and EPZA had 115, 700, 688, 29 and 47 sick units, respectively. The Punjab government said that besides change of ownership, the major reason for the closure of these industrial units was financial constraints.

Published in The Express Tribune, August 23^rd,  2011.