ISLAMABAD: The documented steel sector has requested the Chairman Federal Board of Revenue (FBR) to resolve value addition related issues of steel units under the export finance scheme (EFS).

In a communication to Amjed Zubair Tiwana FBR Chairman here on Tuesday, the steel sector pointed out that due to long delay in resolution of EFS-value addition related issue, there is a loss of opportunity for the country to boost the copper ingots exports to China. By expediting decision making on these issues, it will immensely help in boosting these much-needed exports. To facilitate the domestic industry to excel and become major export-oriented industry and contribute to economy, it is requested to expedite the resolution of EFS-Value Addition issue that will help to bail-out the copper export sector out of impasse.

During the last few years, the exports of non-ferrous products (copper ingots/ products) to China have emerged as the fifth largest exporting sector with exports touching US$1.350 billion in 2023-24.

The industry has assured that copper exports could be further increased to US$5-10 billion and more annually, and in a short span of time, steel industry added.

Copyright Business Recorder, 2024