Press Release
Islamabad: Chairman Pakistan Textile Council (PTC) Fawad Anwar, has voiced serious concerns regarding Pakistan’s economic performance in the first quarter of FY 2024-25. According to official data, the country recorded a meager growth rate of 0.92%, while the industrial sector contracted by 1.03% during the same period.
In his statement, Anwar highlighted the growing challenges faced by the industrial sector, with the high cost of energy in Pakistan being one of the primary factors behind the contraction. He remarked, “The textile sector, along with other industries, is struggling to stay competitive due to escalating energy prices, which significantly increase production costs and erode our global market competitiveness.”
He further emphasized the urgent need for policy reforms to address these structural issues. “It is imperative that the government takes immediate action to ensure the availability of affordable and reliable energy for the industrial sector. Without such measures, the contraction in the industrial sector may continue, further exacerbating unemployment and reducing export revenues,” he added.
Mr. Anwar reiterated the Pakistan Textile Council’s commitment to working collaboratively with policymakers to find sustainable solutions for the challenges faced by the textile and industrial sectors. “We are ready to engage with stakeholders to create a roadmap for economic recovery and sustained growth,” he concluded.
