October 13, 2008

Foreign investors interested in Pakistan steel sector -Report

Mr Salmaan Taseer minister for industries, production & special initiatives of Pakistan said that a number of foreign investors are interested to invest in steel sector in Pakistan.

Mr Taseer said that steel is the fastest growing industry in Pakistan with a lot of potential for the foreign investment. The foreign funds especially the investors of the Middle East are very much interested in making investments in Pakistan and steel is one of the major areas for their investment. He added that “There is a flood of money around the world especially in the Gulf States and we have to make efforts to attract this investment.”

Mr Taseer said that Indian industrialists have not put the entire local money there and it was the foreign direct investment that had led to industrial boom in that country. Pakistan is playing the role to help industrial sector work efficiently. He added that “It is government’s job to provide enabling environment with an objective to accelerate the economic activity in the country.”

Mr Taseer urged the steel sector to attract foreign investment from different parts of the world by adopting the much-required concepts of good governance in their businesses. He added that “The government has always showed an encouraging response to the investors and businessmen.”

Mr Muhammad Javed chairman of Pakistan Steel Mills said that it is working efficiently like any commercial entity. He added that “We are much alive to our role of stabilizer in the market.”