The government is considering a proposal to establish a new steel mill in Karachi with Russian cooperation and both countries agreed to form working groups to move forward on the project.
In this regard, Deputy Minister of Industry and Trade Russian Federation Aleksei Gruzdev met with Minister for Industries, Production and National Food Security Rana Tanveer Hussain on Wednesday.
The minister informed that the government had earmarked 700 acres land of Pakistan Steel Mills for establishing a new Steel Mill.
He said that despite being blessed with considerable iron ore reserves (estimated reserves of 1887 million tons), Pakistan is forced to import around $2.7 billion of iron and steel.
There is perpetual gap between domestic production and demand of iron and steel. For the last year, the gap is estimated at 3.1 million tons, he added.
Pakistan’s per capita steel consumption level is below even those of developing countries indicating significant growth potential over the medium and long term.
He said the efficiency of Pakistan’s steel industry is limited as it is segmented (600 small units) and based on old inefficient technology.
The proposed site is located in Karachi and is closed to Port Qasim which reduces the cost of transportation of raw materials.
Pakistan’s industrial and agricultural experts are set to visit Russia, marking a significant step in strengthening bilateral ties between the two nations.
During the meeting, they emphasized on balance of trade between both countries.
Rana Tanveer stressed the need for modern agricultural machinery to boost crop yields and enhance agricultural productivity. He said the government will provide all the facilities to the Russian investors in the country.
Aleksei Gruzdev said that his country will provide modern agricultural machinery to Pakistan to boost crop yields and enhance agricultural productivity across the country.
The meeting was attended by deputy trade representative of the Russian Federation in Pakistan Denis Nevzorov, secretary for industries and production Saif Anjum, secretary national food security and research Ali Tahir, additional secretary national food security Amir Mohyudin, deputy chief industries and production Abdul Samad and Executive Engineer PSM Engr. Muhammad Shoaib.
The post Govt Considers Setting Up New Stell Mill in Karachi With Russia appeared first on ProPakistani.
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