Islamabad: Prime Minister (PM) Imran Khan has directed the ministries concerned to address issues faced by the steel sector and the related industry, according to a news story published on October 2. Khan issued these directives during a meeting held with a delegation representing Pakistan Association of Large Steel Producers (PALSP).
During this meeting, the prime minister assured the delegation of complete support and incentives to help revive the steel sector. The meeting was attended by Advisor to PM on Finance Dr Abdul Hafeez Sheikh, Minister for Industries and Production Hammad Azhar, State Bank Governor Reza Baqir, Advisor on Institutional Reforms Dr Ishrat Hussai and Advisor on Commerce Abdul Razak Dawood.
The PALSP delegation was led by its Patron in Chief Abbas Akberali – who informed the PM that the cash-flow challenges faced by the sector has made the steel-related businesses to declare heavy losses. The representatives believes that the introduction of a structural reform package is imperative to revive the sector.
Moreover, the delegation proposed that the government should introduce a 10 to 15-year long tariff structure, provide competitive energy rates and abolish the unproductive taxes. The members also proposed that the sale and production of sub-standard steel products be stopped in order to avoid incidents of calamities.