Pakistan, Russia in talks to set up joint steel mill in Karachi
Pakistan and Russia are set to collaborate on the establishment of a new state-of-the-art steel mill in Karachi marking a fresh chapter in bilateral economic cooperation between the two countries.
A joint working group will soon be formed to oversee the planning and construction of the facility, which is expected to be built on a 700-acre section of the existing Pakistan Steel Mills (PSM) site, officials said on Tuesday.
The development came following a high-level meeting between Special Assistant to the Prime Minister on Investment Haroon Akhtar Khan and Russian trade representative Deniz Zarov. Both sides held detailed discussions on the steel mill project, as well as other potential business ventures.
Speaking to reporters after the meeting, Mr Haroon Khan said the new mill would be a significant step toward revitalising Pakistan’s industrial base and attracting foreign direct investment.
“PM Shehbaz is committed to promoting investment and strengthening industrial infrastructure in the country,” he said. “This is the best time to invest in Pakistan. We are a strong and safe country for international investors.”
The proposed steel mill is part of a broader effort to redevelop the dormant PSM facility, which ceased operations in 2015 due to persistent losses and administrative issues. Officials say the government has earmarked a portion of the mill’s 19,000-acre landholding for this new joint venture.
