ISLAMABAD: Federal Minister for Finance Shaukat Tarin on Tuesday stressed the need for providing industrial inputs, such as cement and steel, at affordable prices to carry forward the momentum of economic recovery amid Covid-19 as well as in the post-Covid-19 scenario.

He emphasised the need to reduce the prices of cement as the cement industry was of paramount importance due to its backward and forward integration with the construction sector as a whole.

He said this while chairing a meeting with representatives of cement manufacturers, said a press release issued here.

Federal Minister for Industries and Production Makhdum Khusro Bakhtiar, Secretary Ministry of Industries and Production, the secretary of Finance Division and other senior officers attended the meeting.

Idea of establishing Pakistan-Egypt business council discussed

The secretary of the Ministry of Industries and Production briefed the participants on the prevailing cement prices.

He drew a comparison about changes in the price of cement per bag over the last three years, particularly amid the Covid-19 pandemic.

He also highlighted the important role being played by the cement industry in stimulating economic growth during testing times.

In his remarks, the finance minister underscored the importance of cement as a building block of the construction industry.

He lauded the valuable contribution of the cement industry which had triggered a V-shape economic recovery during the coronavirus pandemic in the country.

He also underlined various stimulus measures taken by the government to support the construction industry that led to a strong rebound in economic activity during the ongoing pandemic.

The representatives of cement manufacturers also presented their perspective on the occasion. They were of the view that the recent escalation in the prices of cement were driven by the rise in input costs.

Also the overall profitability in the cement sector is still the lowest as compared to other countries in the region.

In his concluding remarks, the finance minister urged the representatives of the cement manufacturers to hold a consultative session with relevant stakeholders and present a firmed-up proposal regarding sustainable pricing mechanism for cement sector in order to boost the overall Construction Industry by providing industrial inputs at a reasonable cost.

The finance minister affirmed full support and facilitation to the cement industry on the occasion.

Closer collaboration

Meanwhile, Pakistan and Egypt here on Tuesday agreed to work on the idea of establishing a Pakistan-Egypt business council and forging closer collaboration between the ministries of finance of both the countries.

The agreement was made during a call on meeting of Ambassador of the Arab Republic of Egypt, Tarek Mohamed Dahroug with Mr Tarin here at the Finance Division on Tuesday.

Published in Dawn, August 25th, 2021