KARACHI: Government is considering proposal to establish new steel mill in Karachi with Russian cooperation.

According to reports both countries have agreed to form working groups to move forward on project, according to an official statement issued. According to steel industry experts, visiting Deputy Minister of Industry and Trade Russian Federation Aleksei Gruzdev and Minister for Industries Rana Tanveer Hussain discussed matter. According to details, Rana Tanveer informed that government has earmarked 700 acres land of Pakistan Steel Mills for establishing new steel mill. He said despite being blessed with considerable reserves of iron ore (estimated reserves of 1887 million tons), Pakistan is forced to import around $ 2.7 billion of iron and steel. Earlier high-level committee, headed by Minister for Planning Ahsan Iqbal, directed Ministry of Industries and Production to share feasibility study and business plan to attract investors for setting up of new steel mills with Russian collaboration. Proposed site is located at Karachi and in-closed to Port Qasim that may reduce cost of transportation of raw materials.

Pakistan’s industrial and agricultural experts are set to visit Russia, marking significant step in strengthening bilateral ties between two nations, according to Ministry sources. Need for modern agricultural machinery to boost crop yields and enhance agricultural productivity is vital. Government would provide all facilities to Russian investors in country. Aleksei Gruzdev said Russia would provide modern agricultural machinery to Pakistan to boost crop yields and enhance agricultural productivity across country. Deputy trade representative of Russian Federation in Pakistan Denis Nevzorov, secretary for industries and production Saif Anjum, secretary national food security and research Ali Tahir, additional secretary national food security Amir Mohyudin, deputy chief industries and production Abdul Samad and Executive Engineer PSM Engr. Muhammad Shoaib expressed hope for positive outcome.