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ISLAMABAD: The government is likely to give top priority to the steel sector products by allowing opening of the letters of credits (LCs) for import of steel scrap and other steel-related items.

In this regard, the Ministry of Industries and Production has received a letter of the Engineering Development Board (EDB).

The EDB has written a letter to the Ministry of Industries and Production on the appeal to declare steel industry raw material (scrap) as essential item/ material.

Steel industry: SBP urged to help resolve issue of LCs

The matter has been examined in EDB and it is submitted that State Bank of Pakistan issued a circular on December 27, 2022 to prioritize/ facilitate the imports of different sector/ industry under which the import related to essential sector such as food and pharmaceutical is facilitated beside imports related to energy/ export-oriented industry or project/ agriculture inputs, etc.

The EDB is of the view that the import of any type of raw materials, as are not manufactured locally, for the manufacturing of engineering goods may not be restricted at import stage in order to support and provide a level playing field to the local manufacturing industry.

Further, steel sector products are used in the construction industry for which the local manufacturers of steel bar/ rods are importing steel scrap therefore their issues regarding import of steel scrap, i.e., opening of LC may be favourably considered, the EDB added.

Copyright Business Recorder, 2023


Comments are closed.

Muhammad Numan Mar 13, 2023 01:18pm
My job
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Muhammad Rashid Mar 14, 2023 05:47am
It's one of the most important to open steel LC which doesn't impact on export of finished steel and also the sector of construction industry huge impact. Steel is the main item in construction industry which runs many industry with us. That also grom the GDP rate with connection of other sector. It's most important to doesn't stop of steel raw materials import. Thanks
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raheel rao Mar 14, 2023 09:15am
Construction sector is already under hot waters and affecting severly to allied industry and workforce thereof. Govt. must allow steel scrap import to ensure continued production of inputs require in construction sector. As Govt fails to provide housing facility, the number of homeless middle class is increasing exponentially in Pakistan.
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Cool boy Mar 14, 2023 10:07am
Construction sector should use local iron and steel
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Mir Adnan Yakub Mar 14, 2023 10:23am
Let imported govt to enjoy thorn. Let them close/ ban import everything to save foreign exchange. Let them encashed their foreign exchange ( looted money ) and allow them to buy MNAs and MPAs to win elections. Let me tell you, our corrupt govt cannot WIN elections till atleast next 5 years. Corrupts soon be wiped out from Pakistan politics forever. Deadwoods forces providing Merium Nawaz a VIP protocol, they should be ashamed on it. Public power is the only power world knows.
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Cynosure Mar 14, 2023 01:47pm
@Mir Adnan Yakub, agreed, buy public power is being used and struggling on social media, forwarding messages and informations which is not a solution.. public should make efforts out of the social media as well as not just involved in jaisa/juloos
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Shariq Abbas Mar 14, 2023 07:18pm
@Muhammad Rashid, I read you comment in which you mentioned GDP rate depends upon the LCS opening of steel and construction Industries. could you please explain further, how construction Industries directly proportional to the countries GDP rate. in my opening our Pakistan much need to invest in our Agriculture Sectors.
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