Home Business Plastic strip manufacturers in crisis as polymers, energy prices climb: WealthPK

Plastic strip manufacturers in crisis as polymers, energy prices climb: WealthPK

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FAISALABAD, May 17 (INP) – The plastic strip manufacturers of Faisalabad are facing multiple issues to run their businesses smoothly.

Talking to WealthPK, Tariq Mehmood, who serves as supervisor at a factory, said the situation for the plastic factory owners was going from bad to worse, as the rulers seemed not ready to lower the prices of electricity and raw materials. He said their customers were reluctant to order new strips due to the surging rates.

“Like other industries, expensive electricity bills are a pressing issue for the strip manufacturers. With limited financial resources, we are unable to seek the alternatives,” he said.

Tariq said the rulers were celebrating the approval of loan from the International Monetary Fund (IMF), but the question is how Pakistan will manage to repay it. Without industrialization and job creation, he said Pakistan will not be in a position to get rid of the IMF.

Highlighting the challenges facing the industry, Khalid Ahmed, a strip manufacturer, told WealthPK that the surging prices of polymers, and unbridled rates of gas and electricity were hitting their businesses manifold.

“We cannot maintain our factories without controlling the fluctuating prices of raw materials and energy. Besides, the millers are also perturbed due to power suspension, and low voltages causing damage to the factory equipment. Owing to power outages, the factory workers cannot meet the production targets,” he said.

“Power outages, malfunctioning of equipment and disruptions in the production line are increasing the financial constraints,” Khalid claimed.

Speaking to WealthPK, Muhammad Usman, who trades in plastic strips, said the opportunists were hitting the strip manufacturing industry through smuggling. He said a strict action was required against the elements involved in smuggling.

“The smuggled items’ influx has increased the competition and lowered our profit margins. However, we are struggling to survive. The people are even purchasing inferior-quality products because of uncontrolled inflation. The price hike is hitting every segment of the society,” he added.

“The fluctuating prices of raw materials are causing low sales and forcing factory owners to seek alternative ways. In the given circumstances, the government must ensure affordable electricity for the industry,” Khalid Ahmed said.

“Instead of focusing on research and development, we have to work hard to adjust our prices so that we can keep our customers in hand. It’s a matter of concern that the government officials are not ready to save the strip manufacturing sector,” he lamented.

“Power outages are frustrating our clients, as the factories cannot dispatch their consignments on time,” Tariq Mehmood said.

Shaukat Ali, who serves in a state-run environment protection agency, said plastic bottles and other materials were being burnt to produce raw material for plastic strips, which was damaging the environment.

He said modern technology was crucial for plastic recycling that will protect the environment, strip manufacturers and other plastic related industries. A sustainable production cycle is the way forward; otherwise, we will face challenges due to the surging issue of environmental pollution, he added.

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