Tarin urges cement makers to reduce prices

ISLAMABAD: Federal Finance Minister Shaukat Tarin has urged the cement manufacturers to reduce the prices, as the cement industry is of paramount importance due to its backward and forward integration with the construction sector, as a whole.

During a meeting with the representatives of the cement manufacturers at the Finance Division, the finance minister stressed the need to provide 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.

Tarin underscored the importance of cement as a building block of the construction industry and lauded the valuable contribution of the cement industry, which has 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 the economic activity during the ongoing pandemic.

Earlier, the Ministry of Industries and Production secretary briefed the participants about the prevailing cement prices.

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

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

The representatives of the cement manufacturers also presented their perspective on the occasion. They were of the view that the recent escalation in the prices are driven by the rise in input costs. Also the overall profitability in the cement sector is still the lowest, compared with other regional countries.

Finance Minister Tarin urged the representatives of the cement manufacturers to hold a consultative session with the relevant stakeholders and present a firmed-up proposal regarding sustainable pricing mechanism for the sector to boost the overall construction industry by providing industrial inputs at a reasonable cost.

He affirmed full support and facilitation to the cement industry on the occasion.