KARACHI, Dec 7: Federal Minister for Commerce Shezada Alam Mannoo said on Friday that the government was in constant touch with the business community and was also holding negotiations with banks to find ways and means to bail out the textile sector from the current crisis.

Speaking at a hi-tea, organised by the Korangi Association of Trade and Industry (KATI), the minister assured that he would do his best during his short stay in the office of the ministry of commerce.

Mr Mannoo said since he belongs to the textile sector, he knows what difficulties are being presently confronted by the industry, and assured that he would be taking such measures which would force the next government to carry them forward.

The minister hinted that soon the industry would come to know about some good news because government cannot ignore country’s largest industrial sector which also had highest contribution in exports.

He deplored those who want to present a bad picture about the country and its economy, and said that the stock markets of the country are performing well, and there was no such indication about slowdown in the economic activity.

The minister, however, said that the business community should support the government in making the country economically stronger and stable so that living standard of masses could also improve.

Tanveer Ahmed Sheikh, president, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), said export target for the year 2015 is being fixed at $45 billion, but the question is as to how this target could be achieved when country’s largest industrial sector is in crisis for the last two years.

He suggested that the government should first identify each sectors’ export potential and then provide its full support by chalking out such policies which could enable it to achieve the export target.

The cotton crop is short and against the estimated 14.3 million bales the country may only harvest 11 million bales, therefore, he asked the government to allow import of polyester fibre from India.

Former president of FPCCI, S M Muneer, informed the minister about losses being suffered by the textile industry and demanded that cotton be allowed through Wagha so that industry’s cost could be reduced.

He said now it makes little difference if the government keeps on increasing gas and power rates because the industry was fast closing down and there would be a time when no payments towards utility bills would come from the industry.

Mr Muneer criticised the working of the EOBI which, he said, was taking huge funds from the industry and investing them in stock markets.

He said trade and industry was sinking and there was an urgent need of taking stock of ground realities.

The chief executive of the Trade Development Authority of Pakistan (TDAP), Tariq Ikram, agreed that the cost of production had gone up, including those of gas and power, but it was not possible for the government to check this trend which is a global.He said foreign buyers have stopped to come to Pakistan, but the TDAP had chalked out a programme under which 50 to 60 exporters would be sent to foreign countries to display their products to attract buyers and capture markets.

They will also be given opportunity to display their products in chain stores in the West so that they could sell them on spot.

KATI chairman Masood Naqi said that crisis in textile industry had deepened and there were daily reports about the closure of some unit.

He said textile products in the world market are facing tough competition and our neighbouring countries have given subsidies which make our products highly uncompetitive. Against this mark-up rate in Pakistan is higher by three per cent and so are the utilities.