Imran assures support for revival of troubled steel sector

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Staff Reporter

Islamabad

Prime Minister Imran Khan has assured support and incentives for the growth, development and revival of the local steel sector of the country, urging for finding immediate solution to the challenges being faced by the steel industry, which is the back-bone of the nation’s economy.
The prime minister expressed these views during a meeting with Chief Patron, Pakistan Association of Large Steel Producers, Mr. Abbas Akberali.
Mr. Abbas Akberali discussed the daunting challenges which steel sector was facing and urged the prime minister for taking immediate measures for the revival of the steel sector, as leading steel companies were declaring heavy losses.
The meeting was also attended by Federal Minister for Industries, Hammad Azhar, Advisor to the PM on Finance Dr. Abdul Hafeez Sheikh, Advisor the PM on Commerce Abdul Razzak Dawood, Advisor to the PM on institutional reforms, and Governor SBP, Raza Baqir.
Abbas Akberali apprise the PM that the package for the revival of construction industry was a highly appreciable initiative of the Govt. At this point in time ‘Promoting ‘Make in Pakistan’ resolve in letter & spirit is need of the hour. The local industry has great potential to create jobs for our youth.
For this to happen, the Govt must encourage usage of locally produced materials in CPEC other Mega projects. When the Govt allows import of steel, cement, construction material through tax concessions, instead of encouraging the locally produced material, it amounts to exporting jobs to other countries. This needs to stop by making suitable amendments in the rule & law.
The PALSP Chief Patron urged for a predictable road map for the local steel industry that has the potential to meet the growing demand of steel domestically. Through a package of structural reforms there is need to make Pakistan’s Steel sector globally competitive. In a written note PALSP chief urged that there is need on the part of the Govt to introduce a 10 to 15 year long-term Tariff structure; regionally competitive energy costs, removal of unproductive taxes for the local steel sector, that has largely been ignored over the past few decades.