Aurangzeb vows support for Pakistan’s towel industry, eyes export growth

ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb, during a meeting of a committee established by the Prime Minister to address the obstacles faced by Pakistan’s towel industry, reiterated government’s firm dedication to promote export growth within the Pakistani economy.

He highlighted the role of the private sector in this effort, stating that government policies will continue to reflect a cooperative partnership.

In attendance were Jam Kamal Khan, the Minister for Commerce, along with the Special Secretary of the Ministry of Commerce, senior officials from the Finance Division, the Federal Board of Revenue (FBR), and the State Bank of Pakistan, alongside representatives from the towel industry.

The meeting included a comprehensive presentation by towel industry representatives, detailing the sector’s significance, its contributions to the economy, and the challenges it faces. It was highlighted that Pakistan holds the position of the third-largest global exporter of towels, trailing only China and India. The towel industry stands as Pakistan’s sole export-oriented sector, with its products reaching 125 countries across the globe.

Textile exports rise by 5.37 per cent in first two months of FY25

The Towel Manufacturers Association (TMA), which represents 200 companies, contributes $1.77 billion to Pakistan’s economy. The United States (33.44 percent) and Europe (30.15 percent) are the largest markets for Pakistani towel exports. The sector provides employment for 2.8 million workers.

Industry leaders stressed the necessity of transparent tax guidelines, a competitive tax policy, and consistent long-term policies to ensure the industry’s sustained growth and ability to compete globally.

The Finance Minister reiterated the government’s unwavering support for the towel industry and pledged to address the participants’ concerns. He underscored the importance of a stable and business-friendly tax environment to boost exports and improve Pakistan’s standing in the international textile market.

The meeting concluded with a commitment to strengthening public-private collaboration, with the goal of ensuring the continued competitiveness of Pakistan’s towel industry in the global marketplace.