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Business & Finance

Pakistan eyes Russian investment for PSM revival

  • The PSM was built with the technical and financial help of Russia but was closed in 2015 due to heavy financial losses.
Published April 6, 2021
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Foreign Minister Shah Mahmood Qureshi has said that Pakistan would welcome Russian investment for the revival of Pakistan Steel Mills (PSM).

In a video message ahead of Foreign Minister of the Russian Federation, Sergey Lavrov's visit, Qureshi said that Pakistan is keen to boost trade and defense ties with Russia.

The PSM was built with the technical and financial help of Russia but was closed in 2015 due to heavy financial losses.

FM Qureshi said that talks are underway to take forward the North-South Gas pipeline project.

As per the FO statement, the Foreign Minister of the Russian Federation, Sergey Lavrov, will pay an official visit to Pakistan on 6-7 April 2021. The Russian Foreign Minister will have delegation-level talks with Foreign Minister Shah Mahmood Qureshi.

He will call on Prime Minister Imran Khan and have interaction with other dignitaries. During the talks between the two Foreign Ministers, the entire gamut of Pakistan-Russia relations will be reviewed and ways discussed to further broaden and deepen bilateral cooperation in diverse fields.

FO said that Foreign Minister Lavrov’s visit is part of the growing interaction and regular high-level exchanges between Pakistan and the Russian Federation.

Pakistan and Russia enjoy friendly and cooperative relations, the bilateral cooperation is growing across a wide range of areas of common interest including in security and defense, counter-terrorism, and the Afghan peace process.

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