LCCI calls to set up steel mills in Pun­jab

The Pak Banker - - NA­TIONAL -

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.

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