ISLAMABAD, July 18: Finance Minister Syed Naveed Qamar has said that the government will review the latest power and gas related tariff applicable to textile industry’s captive power plants.

Talking to a delegation of Karachi Chamber of Commerce and Industry (KCCI) here on Friday, he said that that a review meeting on power and gas tariffs was being planned by the end of next week to consider relief to the textile industry.

The minister assured the textile industry of solving its problems, and stated that the government would do whatever possible considering the existing budgetary constraints.

While referring to government’s legal contractual obligations with gas producing companies, he said the government would look for all options to reconsider change or revision in gas tariff to provide relief to the textile industry.

Mr. Qamar recalled that all previous discussions with the countrywide chambers had been fruitful and the government was fully cognisant of textile industry’s power tariff related problems.

“What the KCCI and other chambers should appreciate is the available fiscal space problems within the existing budgetary resources plus rising fuel prices in international market that need to be taken into account,” the minister stressed.

The government would work out the best possible formula with regard to providing research and development (R&D) support to textile industry, which would possibly be best on textile industry’s efficient technical input, enabling the government to announce a final decision on the size of R&D support.

He assured the delegation of government’s all out support to resolve gas and power tariff related problems hampering the textile industry’s growth and production and suggested formation of a special committee in the Federal Board of Revenue, incorporating representatives of the chambers to consider taxation-related structure, which could be mutually acceptable to all stakeholders to render support to textile industry.

KCCI President Shamim Shamsi apprised the minister of the problems of textile industry after the increase in gas and power tariff and the export- related issues.