Commerce Minister Gohar Ejaz Wednesday indicated willingness to explore the possibility of tariffs on imported steel products to safeguard the local industry.
The development came during a meeting between the minister and a delegation from the steel industry led by National Steel CEO Zaigham Adil Rizvi at the Ministry of Commerce. The purpose of this meeting was to address and resolve impediments to the growth of the steel sector, a vital component of Pakistan’s industrial landscape.
The minister reiterated his commitment to support the steel industry and ensure its growth. He stressed the importance of sourcing raw materials locally to reduce the financial burden on the national exchequer and promote self-reliance in the steel industry.
He emphasized the need for value addition in all sectors and outlined plans to enhance the competitiveness of Pakistan’s exports. “We will make our exports highly competitive and focus on industries in which Pakistan has a comparative advantage,” he stated. Additionally, he pledged to explore new export markets to foster growth within the steel industry.
The minister also assured the delegation that facilitating growth through B2B interactions with other countries would eliminate the necessity for subsidies or preferential taxation, fostering self-sustained growth.
The representatives of the steel industry underscored the significance of affordable energy for their operations. The minister assured the delegation of his close collaboration with the Minister for Energy to address this concern effectively.
He pointed out that the path forward for the steel industry and other sectors in Pakistan lies in relying on indigenous raw materials, which aligns with the government’s broader vision of self-sufficiency and economic growth.