This was stated by Towel Manufacturers' Association of Pakistan (TMA) chairman Farrukh Maqbool who claimed that many members of his association were under the process of relocating their units to neighboring countries.

'There is general despondency amongst the textile tycoons who are confronted with an ever-rising cost of doing business along with long and unscheduled power outages,' he said.

He was disappointed with the government for not responding to their pleas, and held the government responsible for closure of many textile units across the country and creating unemployment.

Farrukh Maqbool said the biggest advantage attracting textile industry to relocate their units to Bangladesh is free market access allowed by many developed countries to Bangladeshi products.

The TMA chairman disclosed that the most recent relocation is being considered by Towellers whose chief operating officer is traveling to Dhaka this week to meet the BD's Board of Investment officials and finalise company's relocation strategy.

It is not only the cost of doing business which had been irritating and causing hardship to textile industry, but small issues, like research and development, also damaged their operations which became a major cause of accumulation in their losses.

He said that the textile industry for the last so many months had been urging the government to release the stuck-up research and development funds, but to no avail.

Above all, Mr Farrukh said that the expected and committed relief for industry and export sector in the budget never came and this has further sent shock-waves amongst businesses and industry.

As a result of this, the TMA chairman said now the business community was seeing no hope that the trade and textile policies would provide any relief as had been promised time and again by the government.

Recently, he said the State Bank of Pakistan also refused refinance to exporters having overdue unrealised payments in their books. This has further pushed the industry into a deep crisis where it has no hope of revival, except to shut down or relocate their units.