Islamabad: The Engineering Development Board (EDB) has requested the Ministry of Industries and Production to allow the opening of Letters of Credit (LC)’s for the import of steel scrap and provide priority to the steel industry, a news source reported on March 8.
The EDB requested the Ministry of Industries and Production to declare steel scrap as an essential item for the steel industry. According to the EDB, the import of any type of raw material, not available locally, should not be restricted at the import stage to provide a level playing field to the local manufacturing industry.
Reportedly, the board highlighted that steel products are widely used by the construction industry and are essential for construction. The local manufacturers of steel rebar import steel scrap to provide steel products to the construction sector. Hence, the opening of LCs for the import of steel scrap is favourable for both industries.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
