Government to set up new steel mill in Karachi with Russia.
The government is planning 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 told that the government had earmarked 700 acres land of Pakistan Steel Mills for establishing a new Steel Mill.
Also read: Russians urged to have sex during work breaks amid country’s declining birth rate
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.
The proposed site is located in Karachi and is closed to Port Qasim which reduces the cost of transportation of raw materials.
Also read: DSP CTD Ali Raza gunned down in Karachi
Pakistan’s industrial and agricultural experts are set to visit Russia, marking a significant step in strengthening bilateral ties between the two nations.
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.
