February, 23, 2024
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Sindh mills Export Zone's impact on Pakistan Steel

Sindh mills Export Zone’s impact on Pakistan Steel

Infostani Sourcer: The Federal Ministry of Industry has officially requested the Chief Secretary Sindh to establish a modern export processing zone Request letter of approval Steel mills cannot be shifted, financial crisis is due to lack of a board of directors, land cannot be sold, a letter from stakeholder group. The caretaker government of Sindh has expressed its willingness to establish a modern export processing zone on the land of Pakistan Steel under the Pre-Investment and Investment Council.

Sindh Seeks Approval for Export Zone on Pakistan Steel Land

The Federal Ministry of Industry and Production, in a letter sent to Chief Secretary Sindh, has sought a written approval letter for the establishment of the Jadida Export Processing Zone on the land. According to the sources, in the meeting held between the Chief Minister of Sindh and the Federal Minister of Industry and Trade in Karachi on December 28, it was decided to establish a modern export processing zone on the land of Pakistan Steel. Asked to write a formal letter to the government in which the consent of the Sindh government is sought for the proposal to establish an export processing zone on the land of Pakistan Steel and in response to this letter, the consent of the Sindh government for the establishment of a processing zone on the land of Pakistan Steel. Also assured.

Sindh mills Export Zone's impact on Pakistan Steel

More than 10,000 acres are currently reserved for the Pakistan Steel plant, the Pakistan Stakeholder Group has expressed concerns over the proposal to establish an export processing zone on the land and appealed to caretaker Prime Minister Anwarul Haq Kakar to reconsider the proposal.

Stakeholder Warning: Proposed Processing Zone Spells Financial Disaster for Pakistan Steel

In a letter written by the Stakeholder Group’s Kanobiz Mamreez Khan to the Prime Minister of Pakistan and Additional Secretary in-charge of the Federal Ministry of Industry and Production to the Secretary SIFC, it has been stated that the establishment of a processing zone on the land of Pakistan Steel is for the institution. Financially it will have disastrous results.

Pakistan Steel is incurring a loss of Rs 10 crore per day due to production losses, which include 80% markup and overhead costs, as a result of not appointing a competent and dynamic board of directors comprising professionals. In the letter, referring to the decision of the Supreme Court of November 18, 2019, it was reminded that the land of Pakistan Steel cannot be sold and according to law, the land of Pakistan Steel can only be used for steel mill or related industries. can be done