(02 April, 2018)
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Monday said Faisalabad, famous as Manchester of Pakistan is being honored as the center of industry producing textiles, hosiery, industrial chemicals, agricultural equipment and many other products.
Mian Zahid Hussain said around 2800 units of power looms in the city are at the edge of closure due to many reasons including tough competition from China, increased cost of doing business, high energy tariff, excessive smuggled cloth in the market and decline in orders from Afghanistan. Out of 3 lacs units in all over Punjab, 50 thousands units have been shut down due to all these reasons and others are in critical state. Approx 30 thousands laborers associated with power loom sector have un-employed and the rest are facing severe problems in earning their livelihoods.
The veteran business leader said our industries can compete in the international markets, if Government pays attention and provide subsidized energy tariff to export oriented industries. Despite industry-friendly Government in the Country the pathetic situation of industries in the “center of industry” is regretful. As part of infrastructure required for electricity distribution from the Thar I and II Projects, the $1.5 billion in Matiari to Faisalabad transmission line are to be built as part of the CPEC project, which will improve electricity supply to industries in the city and approx. 20 percent of the closed units in the city due to energy shortage will be restored.
The former minister said the current Government should focus on reducing cost of doing business and cheaper energy to the industries so that they can compete in the international markets. In order to compete with foreign competitors, local industries should be developed in accordance to the modern day needs, for which development of research and development center and availability of easy loans is call of the day. The Faisalabad chamber of commerce and industry should share its recommendations with Government and PBIF extends its full support to the Business Community and Faisalabad chamber in all aspects.