PAKISTAN: Textile Industry Faces Modernisation Crisis
Pakistan's textile sector is facing a major crisis as the industry fails to find the huge cash injection required for the essential Balancing, Modernization and Replacement (BMR) programme. The industry needs to modernise plant, machinery and processes by the end of 2004, when the textile quota system comes to an end, but banks and financial institutions just cannot raise the huge funds requirement. The industry is banking on government intervention.
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