Caretaker government takes important decision over revival of Pakistan Steel Mills
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On Wednesday, Commerce Minister Gohar Ejaz expressed a willingness to explore the potential of imposing tariffs on imported steel products in order to protect the local industry. This development occurred during a meeting between the minister and a delegation from the steel industry, led by National Steel CEO Zaigham Adil Rizvi, at the Ministry of Commerce. The purpose of the meeting was to address and resolve obstacles hindering the growth of the steel sector, a crucial component of Pakistan's industrial landscape. The minister reaffirmed his commitment to supporting the steel industry and ensuring its expansion. He emphasized the importance of sourcing raw materials locally to alleviate the financial burden on the national treasury and promote self-sufficiency within the steel industry. He stressed the need for value addition across all sectors and outlined plans to enhance Pakistan's export competitiveness, focusing on industries where the country has a comparative advantage. Additionally, he pledged to explore new export markets to foster growth within the steel industry. The minister also assured the delegation that promoting growth through business-to-business interactions with other countries would obviate the need for subsidies or preferential taxation, thus fostering self-sustained growth. Representatives of the steel industry emphasized the critical role of affordable energy for their operations. The minister assured the delegation of his close collaboration with the Minister for Energy to effectively address this concern. He pointed out that the way forward for the steel industry and other sectors in Pakistan lies in relying on domestic raw materials, aligning with the government's broader vision of self-sufficiency and economic growth.
