KARACHI: The launch of a series of mega development and power projects in the country under China -Pakistan Economic Corridor (CPEC), the annual demand for steel products will increase by more than thirty percent to 6 million tones from 4 mts.
Vice Chairman, Pakistan Steel Re-Rolling Mills Association (PSRMA) Akhtar Saeed told APP here that 475 steel making units (large and small size) were operating in the country and their annual production was around 4 million tones. The large units' production share was around 1.2 mts.
He said that more incentives were needed to attract new investment to steel industry in the country. The government should come up with a new comprehensive and targeted policy for the important sector of steel and it could be better done through detailed consultation with PSRMA.
As a result of the increasing demand, new steel units would be set up. Thus, more job opportunities would be created and the government would get more taxes.
The government should take every possible step to promote local industries including steel one and strengthen them enough to compete in the regional and international markets.
"Investment shall come, only when safety of the investors and their money is guaranteed," he commented.
He , however, expressed his satisfaction over the banks' support and facilitation towards steel industry.
PSRMA's Chairman emphasized that Board of Investment should make hectic efforts to bring maximum foreign investment as well, for setting up new steel units to meet the increasing demand of steel in the country and for promoting other potential industries towards national economic prosperity.
Akhtar Seed maintained that certain tax related issues with Federal Board of Revenue (FBR) need to be immediately resolved for the growth of steel sector.
He said that instead of importing steel products from China, the focus should be on import of steel raw materials from there.
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