Pakistan’s textile industry has a rare opportunity to expand its presence in the US market following the imposition of heavy tariffs on Indian textile exports, according to Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry. Sheikh emphasized that as India’s $16 billion textile exports are likely to suffer due to the new US tariffs, Pakistani manufacturers could capture a significant share in the global market if all stakeholders act in coordination under a clear policy framework.
He stressed that such opportunities appear only once in a decade, given the current global economic climate. However, Sheikh warned that Pakistan might miss this unique chance without bold policy measures. He urged the government to immediately restore access to the Export Finance Scheme and reduce the cost of doing business, pointing out that while the new industrial policy is a step in the right direction, further reductions in energy prices for the industry are crucial.
According to Sheikh, long-term government initiatives are needed so that Pakistan’s textile sector can enhance its competitiveness globally. He noted that a sustainable solution to Pakistan’s economic challenges lies in significantly increasing exports, and this is a pivotal moment for the country to achieve that goal.
