ISLAMABAD, May 13: Industries and Production Minister Liaquat Ali Jatoi said on Tuesday that Pakistan Steel’s annual profit was expected to touch Rs1 billion by the end of the current financial year.

Talking to reporters at the Auto-Xpo 2003, the minister stated the expansion and strengthening of manufacturing base is need of the hour and keeping in view this need the plan for expansion of Pakistan Steel is under way to enhance its production.

He said two years back the amount estimated for the restructuring of Pakistan Steel was reduced from $1.9 billion to around $700 million.

Mr Jatoi said: “Pakistan’s economy was at a take off stage and it was necessary for us to expand our manufacturing base so that we could build on the economic successes of the last few years.”

The minister said the government was following an investment-friendly policy as this would lead to an economic environment that would create jobs.

He admitted that around 21 agencies are harassing the businessmen due to which they are scared to carry out investment in the country.