ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar has directed concerned authorities and the Federal Board of Revenue (FBR) to resolve all the issues related to the steel industry on a priority basis.
The caretaker premier during a meeting with a delegation of Pakistan Association of Large Steel Producers (PALSP) led by Senator Nauman Wazir stated that the steel industry in Pakistan should prioritise investment for the development of new iron ore deposits in the country.
The meeting was attended by Governor State Bank Jameel Ahmed, chairman Federal Board of Revenue (FBR), secretaries of concerned ministries and officials of the PALSP while industrialists from other sectors belonging to Khyber-Pakhtunkhwa also participated in the meeting.
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In the meeting, the participants acknowledged the caretaker government’s efforts to facilitate investment in the country, solve the problems of industrialists, reform the FBR, and take measures to restore the country’s economy.
The meeting was informed in detail about the large-scale industry of steel and copper in Pakistan. The meeting was told that the steel and copper sector is the fourth largest export sector of Pakistan, the volume of copper exports alone was 1.35 billion dollars in the last financial year.
The meeting was further told that the annual per capita consumption of steel in Pakistan is 40kg, which shows that there is a vast potential for development in this sector and the annual tax paid by Pakistan’s steel industry is Rs400 billion.
The meeting was told that thousands of employment opportunities are being provided in the country through the copper industry.
The participants of the meeting also appreciated the steps taken by the caretaker government to prevent the smuggling of steel, due to which the country’s industry benefited greatly. The problems of the steel industry and suggestions for their solution were also presented to the meeting.
Kakar issued instructions to the FBR and the concerned ministries to consider the proposals presented by the PALSP and give them final form.
He added that the caretaker government has taken steps to create a suitable environment for business, facilitate the role of the private sector in the country’s development and increase tax revenue.
Copyright Business Recorder, 2024