Pakistan, Russia to jointly establish new steel mill in Karachi

Pakistan and Russia have agreed to collaborate on establishing a new steel mill in Karachi, aiming to strengthen economic cooperation between the two countries.

The decision was made during a meeting in Islamabad between Special Assistant to the Prime Minister (SAPM) Haroon Akhtar Khan and Russian representative Denis Nazaroof.

According to an official statement, the primary agenda of the meeting was to explore joint ventures in the steel sector.

Both sides held extensive discussions and agreed to form a joint working group to oversee the development and execution of the project.

SAPM Khan reiterated Pakistan’s commitment to attracting foreign investment, stating that the country presents significant opportunities for international businesses. He highlighted the steel industry as a key area for collaboration and encouraged Russian investors to explore further prospects in Pakistan.

“Pakistan has emerged as a stable and promising destination for global investment,” Khan said, inviting Russian businesses to participate in future ventures.

The agreement marks a step forward in economic diplomacy and reflects growing interest in enhancing industrial ties between Pakistan and Russia.