PALSP seeks govt’s support for export industry of recycled copper

LAHORE: Members of Pakistan Association of Large Steel Producers (PALSP) on Saturday appealed to the government to support the export industry of recycled copper who has the potential of touching the target of 3 billion dollars in two to three years.

Director Mughal Steel Shakeel Mughal while talking to Business Recorder said that federal minister for Planning and Development Ahsan Iqbal also appreciated the efforts of the industry for taking the share of exports in the international copper and metal market.

Mughal also said that the steel sector has emerged as the 4th largest exporter in the past few years. The sector made close to 1000 million dollars exports during its initial stages with zero subsidies extended by the government.

It is the largest ‘zero subsidy exporting sector’ of Pakistan in comparison to other sectors which enjoy lavish government subsidies with reference to tariffs, duties and preferential financing. He claimed that the ability to grow the sectoral export potential is far greater than textiles.

Mughal alleged that emerging export industry faces wrath of under invoicing mafia having close relations in Gujranwala Chamber of commerce and industry.

He also alleged that on the behest of this mafia for the past two years, GCCI has been providing false information to Federal Board of Revenue with mala fide intent to promote their own personal agenda at the expense of the country at large.

The Customs Collectorate also verified that the information provided by GCCI is false but GCCI writes again to FBR to discontinue export of recycled copper under all export facilitation regimes.

He further alleged that in 2021, it was indeed verified and proven that GCCI, since three decades had been protecting money laundering, tax evasion and fake invoicing by misleading Customs valuation department.

Shakeel Mughal further said in such crucial times where every little bit of export is helping our country to improve its trade deficit, it is surprising to find malicious entities within Pakistan trying to sabotage the country’s already struggling export efforts.

In very short time, the recycled copper industry has become the fastest growing export-oriented industry in Pakistan having potential to become the largest exporter and the largest employer in less than five years.

The global market of recycled copper opened its door to Pakistan with great opportunities and after huge investment in plant and machinery, the domestic manufacturers have started to export under contracts to the leading and reputed buyers in the global market.

Today, however, the country’s economic situation is very weak. It is hard to imagine that any Pakistani entity would attempt to propose any idea which could hurt the Pakistan Export Industry during such times. It has thus become important to bring to the public’s notice of the wrongdoings of such entities.

PALSP demanded that GCCI, should once and for all, be held accountable for not only suggesting counter-intuitive proposals to waste the Government’s time, but they should also be penalized for continuing to provide false information to the Government with malafide intent.

If today, strict action against GCCI is not taken, they would continue to waste their energies on hurting the Export Industry and disrupting the Steel Industry.

Copyright Business Recorder, 2023