ISLAMABAD: In a bid to address the challenges faced by Pakistan’s towel industry, Federal Minister for Finance Muhammad Aurangzeb chaired a meeting of the committee established by the Prime Minister. The gathering included the Minister for Commerce, senior officials from the Ministry of Commerce, Finance Division, the Federal Board of Revenue (FBR), and the State Bank of Pakistan, alongside representatives from the towel industry.
The industry representatives delivered a comprehensive presentation on the sector’s significance, contributions, and challenges. They highlighted that Pakistan ranks as the third-largest global exporter of towels, behind China and India. As the only 100% export-based sector in the country, the towel industry exports to 125 countries worldwide.
The Towel Manufacturers Association (TMA), which represents 200 companies, contributes $1.77 billion to Pakistan’s economy. The major export markets are the United States, accounting for 33.44%, and Europe, at 30.15%. The industry also provides employment to 2.8 million people.
During the meeting, industry leaders stressed the need for transparent tax guidelines, a competitive tax policy, and long-term policy stability to foster sustained growth and ensure the sector remains globally competitive.
The finance minister reassured attendees of the government’s commitment to supporting the towel industry, emphasizing that their concerns would be addressed. He underscored the importance of a stable and business-friendly tax system to boost exports and improve Pakistan’s standing in the global textile market.
Highlighting the role of exports in economic growth, the finance minister remarked: “The government is fully committed to ensuring the sustained growth of exports. We view the private sector as a key partner, and our policies will continue to reflect this collaborative approach.”
The meeting concluded with a pledge for enhanced public-private collaboration to keep Pakistan’s towel industry competitive on the global stage.
