Large steel producers looking for government support

Steel Sector urges to stop imported steel

Pakistan Association of Large Steel Products (PALSP) pushed the government to stop the duty free import of steel products that are locally manufactured with a very high quality here in Pakistan. Finance Minister Shaukat Tareen was approached by the Steel sector of Pakistan in this regard.

According to the PALSP, the use of duty-free imports of steel is not allowed as per the regulations given in several projects but the affiliated companies are importing manufacturing goods for CPEC projects, regardless of the regulations provided.

An appeal has been filed in this matter with the finance minister by the Steel industry, in order to ensure the stoppage of using of imported products by the manufacturers in major projects including the construction of Gawadar International airport.

In order to ensure the overall Industrial development of our counter, it is highly necessary for the government to use the manufacturing products, mainly steel, that are locally manufactured instead of importing those same products as the Pakistani industry has been making products of far better quality which have been meeting the international standards.

The industry hopes that the government will take necessary action in regards of this matter as it will open more brackets for new jobs and more revenue in the form of taxes and duties, leading to a major overall expansion of the local capacity of these goods.

The government has been concentrating on the development of the industry by creating a vast majority of special economic zones, but these can prove to be a major step up for the goods and manufacturing industry only if the government makes sure of the use of locally manufactured goods and steel products

It has become a necessity for the Government to promote the local steel industry of Pakistan as it has the capacity to produce a high quality steel and other related manufacturing materials

The PALSP also put forward a request for the adjustment of taxes to be allowed to the manufacturers working in the above mentioned projects. However the products which are not produced by the local manufacturers and are required for the projects can be imported and used.