Moscow (TDI): In a major development, Pakistan and Russia signed an agreement on Friday to revive the long-dormant Pakistan Steel Mills (PSM), a move both sides say reflects their enduring industrial ties dating back to the Cold War era.
The agreement, signed at the Pakistan Embassy in Moscow, aims to breathe new life into the steel manufacturing giant in Karachi, originally built with Soviet support in the early 1970s.
The deal was signed by Saif Anjum, Secretary of Pakistan’s Ministry of Industries and Production, and Vadim Velichko, General Director of Russia’s Industries Engineering LLC.
Also present at the ceremony were Special Assistant to the Prime Minister Haroon Akhtar Khan and Pakistan’s Ambassador to Russia Muhammad Khalid Jamali, according to a statement from the Ministry of Industries and Production.
Read More: Pakistan, Russia Plan New Steel Mill in Karachi
“This is more than just an industrial revival. It’s a reaffirmation of the trust and cooperation between our two countries,” said Haroon Akhtar.
“Reviving PSM with Russia’s support reconnects us with a shared past and lays the foundation for a modern, self-sufficient steel sector.”
The agreement follows earlier discussions in May, when Islamabad and Moscow formally agreed to restore the defunct plant.
Just a day before the agreement was signed, Russian Deputy Prime Minister Alexei Overchuk described Pakistan and Russia as “natural allies” and called Islamabad an important strategic partner, particularly in the areas of energy and the economy.
Read More: Pakistan, Russia Agree Setting Up New Steel Mill
Diplomatic engagement between the two sides has grown in recent months. On June 3, Russian Foreign Minister Sergey Lavrov met with Special Assistant on Foreign Affairs Syed Tariq Fatemi in Moscow, where both reaffirmed their intent to deepen bilateral collaboration.
The two nations are also pushing ahead with rail connectivity projects, as part of broader regional infrastructure development plans.
Farkhund Yousafzai is an Associate Editor at The Diplomatic Insight.
