Business

High input costs lead to closure of mills

'Both the spinning and weaving sectors have faced the brunt of high cost of doing business'

Our Correspondent September 02, 2017 Less than a minute read

PHOTO: REUTERS

MULTAN: Multan Chamber of Commerce and Industry (MCCI) President Khawaja Jalaluddin Roomi has reiterated that high input costs are resulting in closure of a large number of textile mills engaged in the manufacturing of yarn and fabrics.

“Both the spinning and weaving sectors have faced the brunt of high cost of doing business despite being integral to the textile value chain,” a press release quoted him as saying.

Saying that the production of yarn and fabric was substantially higher than local consumption, he asked the government to facilitate exports of the surplus quantity.

Roomi warned of large-scale closure of manufacturing units, resulting in mass unemployment and drastically reduced consumption of local cotton, if the current situation persisted for an extended period of time.

Published in The Express Tribune, September 2^nd, 2017.

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