KARACHI: Adviser to Prime Minister on Commerce Abdul Razak Dawood revealed that three Chinese and three Russian firms have shown interest in investing in Pakistan Steel Mills (PSM).
Addressing a ceremony held for the inauguration of International Steels Limited’s new plant, he said that the committee tasked with revival of PSM has drafted its recommendations and the Economic Coordination Committee (ECC) will make a decision by March. Talking about the demand, he said Pakistan’s per capita usage of steel is just 42 kilogram, far less than global per capita of 228 kg, but steel production is increasing rapidly in the country.
He said that steel production has a direct relation with GDP growth of the country. Pakistan spends about $2 billion on importing steel and increasing domestic steel production can help save valuable foreign exchange, the adviser added. Pakistan Steel Mills in further trouble as losses swell to Rs200 billion
Dawood said that the government will have to bear losses worth Rs7 billion due to its business-friendly decisions in the mini-budget.
He shared that the finance bill amendments will be approved within five to seven days, after which the government will begin work on the national tariff policy. The adviser was of the view that the policy will help investors decide their direction for the coming years. “We are trying to convert consumer economy into a manufacturing economy,” he said, adding that they will empty many shelves of super stores, which contain unnecessary items to save foreign exchange.
