ISLAMABAD: Pakistan and Russia have agreed to establish a new steel mill in Karachi, marking a milestone in bilateral economic cooperation as Islamabad eyes foreign direct investment to revive its industrial base.
It was discussed during a high-level meeting between Haroon Akhtar Khan, Special Assistant to the Prime Minister on Industries, and Denis Nazaroof, a Russian government representative, here.
They agreed on the formation of a joint working group tasked with spearheading the development, technical planning and investment structure of the proposed steel facility.
Pakistan wants to establish a state-of-the-art steel mill on the existing site of Pakistan Steel Mills (PSM). If the formal agreement is reached, the new mill will occupy 700 acres of the PSM’s 19,000-acre site, with the land allocated by the government for this purpose, the official said.
