| Islamabad: Minister of Commerce Gohar Ejaz on Wednesday (September 27) expressed willingness to consider imposing tariffs on imported steel products in an attempt to support the local industry, according to news sources.
Reportedly, the minister made these remarks during a meeting with a delegation from the National Steel Chief Executive Officer (CEO) Zaigham Adil Rizvi. The meeting aimed to address the issues hindering the growth of the steel sector – which is a vital component of Pakistan’s industrial landscape.
Read: Steel price hikes further, new rates shared
The minister reaffirmed his unwavering commitment to bolstering the steel industry and nurturing its expansion. He emphasized the critical importance of procuring raw materials locally as a means to alleviate the financial strain on the national exchequer while concurrently promoting self-sufficiency within the steel sector.
Furthermore, Minister Ejaz underscored that the government’s objective is to elevate the competitiveness of Pakistan’s exports and concentrate on industries where the country possesses a comparative advantage. In addition, he pledged to explore untapped export markets to stimulate growth within the steel industry.
The minister also assured the delegation that fostering growth through business-to-business interactions with other countries would obviate the necessity for subsidies or preferential taxation, thereby fostering autonomous and self-sustained expansion.
Read: ‘Steel smuggling from Iran, Afghanistan destroying local industry’
Recognizing the steel industry’s heavy reliance on affordable energy, the minister acknowledged the representatives’ concerns in this regard. He assured the delegation of his close collaboration with the Minister for Energy to effectively address this pressing issue. The minister iterated that the path ahead for not only the steel industry but also various other sectors in Pakistan hinges on leveraging indigenous raw materials. This aligns seamlessly with the government’s vision of achieving self-sufficiency and propelling economic growth. |
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