Abdul Razzak Dawood, Advisor to Prime Minister on Commerce, Textile, Industry & Production and Investment, Saturday said that consultation process for preparation of new industrial policy will be initiated very soon. It will be a long-term and business friendly policy to attract local and foreign investment.
Addressing the capacity expansion ceremony of International Steels Limited (ISL) here, Razzak said that PTI government will not formulate any economic policy without consultation of business community. "I will personally visit all the chambers of commerce for consultation on industrial policy and take all the stakeholders on board," he maintained.
He said the government has also decided to devise a three to five years National Tariff Policy, under which some 7,000 customs tariffs will be revised to facilitate the domestic industry. He said preparation for national tariff policy will be initiated after the approval of 'mini budget'.
Razzak said there was need for enhancing the domestic production of Large Scale Manufacturing so as to increase domestic production and support the government's measures to curtail the increasing import bill, hence saving the country's precious foreign exchange.
"Iron and steel sector is backbone of the economy and contributing largely in the economic growth. It's a good news that ISL is expanding its production up to one million tons annually," he said and added that the country needs capacity expansion projects such as ISL for higher economic growth.
He said presently the country is facing multiple challenges, particularly fiscal, trade and current account deficit. The government is taking all possible measures to overcome persisting economic crisis. Talking about 'mini budget,' Razzak said the budget will determine the direction of the economy. The people were expecting new taxes, but the government has cut the levies for promotion of local industry and exports, he said and added that "the fresh revenue measures will result in some Rs 7 billion revenue loss, however all decisions have been taken in the larger interest of the country's economy." He said the government has decided, in principal, that all major economic steps will be taken in consultation with business community to put the economy on right track.
Earlier, ISL Managing Director Towfiq Chinoy in his address of welcome said that ISL is the country's largest flat steel manufacturer and to date, the company has invested approximated $250 million in establishing a state-of-the-art flat steel complex in Pakistan. He said that in short period, ISL has consistently carried out extensive large scale expansion activities to enhance production to meet the growing demand of the domestic market. With quality products, the company has given a substitute of imported flat steel, which resulted in massive foreign exchange saving, he added. He said ISL has expanded its capacity from an initial installed capacity of 250,000 metric tons per annum to one million tons per annum and presently the company is producing quality Cold Rolled Steel, Galvanized Steel and Color Coated Steel. In addition, besides holding strong network in the domestic market, ISL has exported its products to over 20 countries worldwide, he added.
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