Islamabad (TDI): In a significant move at bolstering Pakistan’s industrial sector and attracting foreign investment, Pakistan and Russia have agreed to establish a new state-of-the-art steel mill in Karachi.
The development emerged from a high-level meeting between Special Assistant to the Prime Minister (SAPM) Haroon Akhtar and Denis Nazaroof, a representative of the Russian government.
The two sides discussed the establishment of a joint working group that will be responsible for executing the project.
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This working group will be responsible for key components of the new steel mill project, including technical planning, development and investment framework.
Pakistan aims to set up a state-of-the-art facility on the existing premises of Pakistan Steel Mills (PSM).
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If the formal deal is reached, the new mill will occupy seven hundred acres of Pakistan Steel Mills’ 19,000-acre site, with the land allocated by the government for this purpose.
Farkhund Yousafzai is an Associate Editor at The Diplomatic Insight.
