ISLAMABAD: The Engineering Development Board (EDB) has urged the Ministry of Industries and Production to grant permission for the opening of Letters of Credit (LC) for the import of steel scrap and give priority to the steel industry.
The EDB has also requested the Ministry to declare steel scrap as an essential item for the steel industry.
Additionally, the EDB has stated that the import of any type of raw material, not available locally, should not be restricted at the import stage to ensure fair competition in the local manufacturing industry.
The board emphasized that steel products are widely used in the construction industry and are crucial for construction projects.
Moreover, the Local manufacturers of steel rebar rely on imported steel scrap to produce steel products for the construction sector.
Therefore, the opening of LCs for the import of steel scrap would benefit both industries.
The steel industry is an essential sector for the growth of the economy, and the EDB’s proposal to facilitate the import of steel scrap is a step towards boosting the industry’s growth.
The Ministry of Industries and Production is currently reviewing the EDB’s request and is expected to make a decision soon.
The EDB believes that granting permission for the opening of LCs for the import of steel scrap will help meet the increasing demand for steel products and support the construction industry’s growth.
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