Excellent investment opportunities are available in the Northern part of the Country through which new entrants can be benefited: Mian Zahid Hussain

President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Monday said that towel and allied products are important part of export oriented industry of Pakistan. Towel is the second largest industry in the textile sub-sector, which has significant share in the foreign exchange. Pakistan produces towels and value added products of different varieties, sizes and types which have its own recognition in the international market due to its attractive colour combination and competitive quality.

Mian Zahid Hussain said approximately 80 units are currently exporting towels and allied products to various countries including USA, UK, Germany, Spain, Italy, South Africa and others. More than 70 percent of the local production has been exported internationally to different countries.

The veteran business leader said that new potential markets should be discovered and created for enhancing exports of this sector. Government should focus on up-gradation of machinery and equipment of this sector so that the productivity and exports can be further developed, hence increasing the Pakistan's share in international market of towel and other relevant products. New markets can be generated and captured, once the local production of textile particularly towels is increased. Several new markets are available where Pakistani exporters can place their towels and other related products. For this, the local manufacturers need to work on quality, diversification of products and have clear forward-path (vision) and use of advanced and modern equipment so that they may compete in international markets.

The former minister said that Companies having $5 million annual exports of goods and services or at least 50% of their sales constituting exports (whichever is lower) could expand their businesses under the central bank’s (SBP) Long Term Financing Facility (LTFF) Scheme which offers financing at yearly rates of 6% mainly to purchase equipment and machinery. Government should take concrete and immediate steps in accordance to the recommendations of All Pakistan Towel Manufacturers Association and should play effective role in improvement branding, marketing and better promotion of Pakistani products in the international market.