LCCI calls to set up steel mills in Punjab
While expressing a grave concern on complete shutdown of Pakistan Steel Mills (PSM), Executive Committee Member of the Lahore Chamber of Commerce & Industry Raja Adeel Ashfaq has urged the Punjab government to establish "Punjab Steel Mills" at provincial level and use Rajwana iron reserves as raw material.
In a statement issued here, Raja Adeel Ashfaq lamented on closer of Pakistan Steel Mills and termed it a national loss. He said that at present precious foreign exchange is being spent on annual import of 1.5 to 2 million tones hot rolled, cold rold and galvanized steel. Raja Adeel Ashfaq said that establishment of "Punjab Steel Mills" with the help of Rajwana iron reserves would give oxygen to the national economy. He said that Secretary Mineral Development Dr. Arshad Mehmood is a visionary personality and has the ability make this dream true. He said that Chief Minister Punjab should give the task of "Punjab Steel Mills" to Dr. Arshad Mehmood.
He urged the federal government to give due attention towards Publis Sector Enterprises (PSEs) in general and Pakistan Steel Mills in particular to control heavy loss to the national exchequer. He said that keeping in view the massive loss of around Rs.600 billion annually being caused by the PSEs government should take measures on war footing to make these organizations profitable. He said that in the advanced economies like the United States, United Kingdom and Japan etc, the role of PSEs is minimal and the private sector is the most important instrument of socio-economic prosperity, and there is continued growth of privately-run corporations. He said that the significance of PSEs cannot be ignored, in view of the fact that they remain the most employment-intensive and capital-intensive organizations. He suggested formation of a committee of experts from public and private sectors to revisit strategy and adopt methods which provide a new impetus to the PSEs. He said that the committee should go deep into the broader political philosophy and vision under which the PSEs will be required to play their role in the new competitive environment.