Steel Industry Representatives Meet Finance Minister

Steel Industry Representatives Meet Finance Minister – On Thursday, representatives from the steel industry met with Finance Minister Muhammad Aurangzeb to discuss proposals for the upcoming 2024-25 budget.

The meeting saw participation from key industry groups, including the Pakistan Association of Large Steel Producers (PALSP), Pakistan Steel Melters Association (PSMA), Pakistan Steel Re-Rolling Mills Association (PSRMA), and Pakistan Steel Pipelines Association (PSPA).

Finance Minister Aurangzeb reaffirmed the government’s commitment to supporting the local steel industry. He emphasized the importance of collaborative efforts between the government and the private sector to address the various challenges faced by the industry. “The government’s priority is to ensure a favorable environment for the steel sector to thrive, and this requires joint efforts,” Aurangzeb stated.

One of the key initiatives highlighted by the minister was the Federal Board of Revenue’s (FBR) ongoing efforts to expand the tax net. By targeting under-taxed sectors, the government aims to increase revenue and create a more equitable tax system. This move is expected to impact various sectors, including steel, by ensuring that all participants contribute their fair share.

The meeting also featured the Chairman of the FBR, who assured the delegation of the government’s continued support. He emphasized the need for policies that favor industry growth and address the sector’s specific needs. “Our goal is to facilitate the steel industry by implementing supportive policies and ensuring a level playing field,” the Chairman stated.

During the discussion, industry representatives expressed their gratitude to the Finance Minister for providing a platform to voice their concerns. They presented an overview of the steel industry’s current performance and proposed several strategies for its enhancement. Key proposals included adjustments to tax and customs duties to foster a more conducive environment for industry expansion.

The delegation also stressed the importance of supporting the organized steel sector. They advocated for integrating all producers and sellers into the tax net to create a more organized and transparent market. “Encouraging formalization within the steel industry is crucial for its sustainable growth,” a representative stated.

The meeting concluded on a positive note, with both the government and industry representatives expressing optimism about the future. The Finance Minister assured the delegation that their proposals would be carefully considered in the formulation of the upcoming budget. “We are committed to working together to address the challenges and unlock the full potential of Pakistan’s steel industry,” Aurangzeb concluded.

This meeting marks a significant step towards strengthening the partnership between the government and the steel industry, with both sides eager to implement measures that will promote growth and stability in the sector.