Islamabad (TDI): The Russians and the government are in agreement to form working groups in order to forward the project, which involves the government examining a plan to establish a new steel mill in Karachi.
In this regard, on Wednesday, Minister for Industries, Production, and National Food Security Rana Tanveer Hussain met with Russian Federation Deputy Minister of Industry and Trade Aleksei Gruzdev.
Pakistan Steel Mills (PSM) has 700 acres of land set aside by the government for the establishment of a new steel mill, as the minister from Pakistan told his counterpart.
He added that Pakistan was compelled to purchase iron and steel valued at about $2.7 billion, despite having abundant deposits of the mineral, estimated at 1,887 million tons.
“The domestic supply of iron and steel cannot keep up with the demand. An estimated 3.1 million tons were missing last year,” he continued.
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Over the medium and long run, Pakistan has enormous growth potential, as evidenced by the fact that its per capita use of steel is lower than even that of developing countries.
According to Rana Tanveer Hussain, the 600 tiny businesses that make up Pakistan’s divided steel sector and their reliance on antiquated, ineffective technology hinder the industry’s productivity.
Transporting raw materials will be less expensive at the new steel mill’s planned location in Karachi, which is near to Port Qasim.
Experts in agriculture and industry from Pakistan are scheduled to visit Russia, which is a big step toward deepening bilateral relations.
They emphasized the importance of maintaining a balance in trade between the two nations throughout the meeting. In order to increase crop yields and improve farm productivity, Rana Tanveer Hussain advocated for the use of contemporary agricultural gear.
The prospective Russian investors were assured by him that the government of Pakistan would supply all amenities.
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Aleksei Gruzdev, the minister from Russia, emphasized that Pakistan would receive cutting-edge farming equipment from his nation to help increase farm productivity and crop harvests.
Deputy Trade Representative of the Russian Federation in Pakistan, Denis Nevzorov, was joined at the meeting by Secretary of Industries and Production Saif Anjum, Secretary of National Food Security and Research, Ali Tahir, Secretary of National Food Security Additional, Amir Mohyudin, Deputy Chief of Industries and Production Abdul Samad, and Executive Engineer Muhammad Shoaib of PSM.
