KARACHI – Three Chinese and three Russian firms have shown interest ininvesting in Pakistan Steel Mills (PSM).
The committee tasked with revival of PSM has drafted its recommendationsand the Economic Coordination Committee (ECC) will make a decision by March.
Talking about the demand, PM Advisor said Pakistan’s per capita usage ofsteel is just 42 kilogramme, far less than global per capita of 228 kg, butsteel production is increasing rapidly in the country.
He said that steel production has a direct relation with GDP growth of thecountry. Pakistan spends about $2 billion on importing steel and increasingdomestic steel production can help save valuable foreign exchange, theadviser added.
Dawood said that the government will have to bear losses worth Rs7 billiondue to its business-friendly decisions in the mini-budget.
He shared that the finance bill amendments will be approved within five toseven days, after which the government will begin work on the nationaltariff policy. The adviser was of the view that the policy will helpinvestors decide their direction for the coming years. “We are trying toconvert consumer economy into a manufacturing economy,” he said, addingthat they will empty many shelves of super stores, which containunnecessary items to save foreign exchange.
He said that the government will also make an industrial policy, addingthat in this regard he will soon visit chambers of commerce for furtherdiscussions.
Prime Minister Imran Khan has given us a target of improvement in index ofease of doing business (EoDB) to rank out of 100, he remarked.