Textile machinery import falls 47%

The imports of textile machinery declined by 47% during August as the industrialists were reluctant to invest in the textile sector due to persistent political crisis in country.

They pointed out that the "high cost of doing business" and the Government's withdrawals of the long-term financing of the export-oriented projects (LTF-EOP) scheme were also the contributing factors behind the current decline in the textile machinery import.

Textile machinery importers said that during August 2007, the country imported textile machinery worth $32.323 million as compared to $61.450 million during the 2006-07, fiscal year, showing a decrease of $29.127 million only in August 2007.

In August 2007, imports of textile machinery during the first two months, i.e. July-August of 2008 fiscal year, stood at $73.169 million as compared to $110.039 million during the 2007 fiscal year, showing a decline of 34% percent or $36.87 million.

Meanwhile, leading textile industrialists criticised the Government policies, and said the investors' reluctance to invest in all sectors, including textile, had badly affected the export culture of the country, which need immediate remedial measure, including increase in the investment.