A worker cuts a steel rod inside a steel factory. PHOTO: REUTERS
In a statement issued Tuesday, PBIF President Mian Zahid Hussain said that the iron and steel industry has gained importance due to the China-Pakistan Economic Corridor (CPEC) project and increased construction activities in the country. Despite the surging demand, the industry remains small and fragmented, he added.
Pakistan imposes anti-dumping duty on China’s steel products
He said that all the stakeholders of the industry want a policy regarding tax-related issues. Hussain said that the domestic steel consumption remained as low as 23 kilograms per capita compared with the Asian average of 261 kg and the global average of 217 kg, which indicates the potential for new investments.
Elaborating on the growing demand, the PBIF chief stressed formulating a long-term policy for protecting investments and making the industry competitive.
Published in The Express Tribune, October 4th, 2017.
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