ISLAMABAD: To take up the matters related to the revival of Pakistan Steel Mills (PSM) or construction of a new steel mill in Karachi a high-level delegation led by Special Assistant to the Prime Minister (SAPM) on Industries and Production is to visit Russia from July 5, 2025.
According to the Ministry of Industries spokesperson, over the past one year a number of Russian delegates visited the Ministry of Industries and offered consideration of the revival of PSM or construction of a new steel mill in Karachi. The official said that a Russian delegation led by Denis Nazarov called on the SAPM on Industries and Production, Haroon Akhtar Khan, here on Monday.
Both sides discussed matters related to exploring investment opportunities, industrial cooperation and enhancing bilateral relations. The purpose of the visit is to hold discussions on strategic cooperation, attract foreign direct investment (FDI), and explore technical collaboration for the rehabilitation of PSM. The two sides discussed avenues for enhancing bilateral cooperation, particularly focusing on the revival of PSM and exploring new investment opportunities in Pakistan’s industrial sector.
During the visit, Haroon Akhtar Khan will meet with prominent Russian investors and companies to promote investment in Pakistan’s industrial and infrastructure sectors. This visit underscores the Government of Pakistan’s commitment to industrial revival and fostering international economic partnerships for sustainable development.
The primary focus of the discussion was the establishment of new steel mills in Pakistan and both parties engaged in extensive talks on the potential collaboration between Pakistan and Russia in setting up a new steel mill in Karachi. The two countries agreed to form a joint working group to facilitate the development and implementation of this initiative. Akhtar Khan emphasised the prime minister’s vision to increase investments in Pakistan.
He highlighted that this is an opportune time for foreign investors to invest in the country, noting that Pakistan has evolved as a strong and safe destination for international investment and business. “Pakistan is a secure and thriving hub for investment, and the international community has recognised its potential,” said Khan.
He also extended an invitation to all Russian businesspeople to explore investment opportunities in Pakistan. The meeting also marked an important step in further strengthening the ties between the two nations and opening new avenues for joint ventures in key sectors such as steel production.
Copyright Business Recorder, 2025
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