Soviet-built PSM: Russia, Pakistan discuss revival
SAPM Haroon Akhtar Khan told Business Recorder that he along with senior officials of the Ministry of Industries and Ambassador Syed Tariq Fatemi called on Russia's DPM, on Thursday, to discuss ways to expand industrial cooperation with aespecial focus on reviving PSM.
He said earlier, on the sidelines of the INNOPROM Annual Industrial Forum in Yekaterinburg, he had met with his Russian counterpart on the same subject. Russian Trade and Industry Minister Anton Alikhanov focused on reviving Pakistan's dormant steel industry and enhancing bilateral trade. The discussions also explored ways to enhance trade ties and promote industrial collaboration between the two countries, he maintained.
Pakistan, Russia take holistic stock of bilateral ties
Haroon Akhtar conveyed that Pakistan attached high importance to ongoing discussions on the new Steel Mills in Karachi, as the project carried an important legacy of Pakistan's relations with Russia that could serve as a 'leap forward' symbol of future cooperation and partnership. The SAPM gave an overview of the investment-friendly industrial policy of Pakistan that had ensured macro-economic stability, achieved under the present Government.
INNOPROM is Russia's largest annual industrial trade fair, bringing together government delegations, business leaders and technology firms from over 30 countries to explore partnerships in manufacturing, engineering and high-tech industries.
At the outset, SAPM Fatemi conveyed greetings and good wishes of Pakistan's leadership to Russia's Deputy Prime Minister Overchuk and to the Russian leadership. The SAPM stressed that goodwill at the leadership level was ensuring positive momentum in bilateral ties between the two countries. The two sides also reviewed the entire gamut of bilateral relations in all areas of mutual interest, including political, trade and economic cooperation, as well as energy, connectivity, industrial and agricultural cooperation.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
16 minutes ago
- Business Recorder
Oil rises to 3-week high as investors eye Trump statement on Russia
LONDON: Oil prices rose on Monday and reached their highest level in three weeks, as investors eyed further U.S. sanctions on Russia that may affect global supplies, while higher oil imports by China also offered support. Brent crude futures rose 58 cents, or 0.8%, to $70.94 a barrel by 0900 GMT, while U.S. West Texas Intermediate crude futures climbed 59 cents, 0.9%, to $69.04. Higher crude imports by China and expectations around U.S. President Donald Trump's announcement on Russia are supporting prices, UBS analyst Giovanni Staunovo said. Donald Trump said on Sunday that he will send Patriot air defence missiles to Ukraine. He is due to make a 'major statement' on Russia on Monday, having expressed his frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine. In a bid to pressure Moscow into good-faith peace negotiations with Ukraine, a bipartisan U.S. bill that would hit Russia with sanctions gained momentum last week in Congress. European Union envoys, meanwhile, are on the verge of agreeing an 18th package of sanctions against Russia that would include a lower price cap. Oil rises over as investors weigh market outlook China's June oil imports increased 7.4% on the year to 12.14 million barrels per day, reaching the highest since August in 2023, according to customs data released on Monday. China is likely to continue stockpiling, but with storage at 95% of the peak inventory build from 2020, these inventories are likely to emerge in 'visible' Western market locations that are crucial for price formation, exerting downward pressure on prices, J.P. Morgan's research team said in a client note. Last week, Brent rose 3%, while WTI had a weekly gain of around 2.2%, after the International Energy Agency said the global oil market may be tighter than it appears. Investors are also eyeing the outcome of U.S. tariff talks with key trading partners. European Union envoys are on the verge of agreeing an 18th package of sanctions against Russia that would include a lower price cap on Russian oil, four EU sources said after a Sunday meeting.
Business Recorder
2 hours ago
- Business Recorder
Russian rouble weakens vs US dollar ahead of Trump's major statement
MOSCOW: The Russian rouble weakened against the U.S. dollar ahead of U.S. President Donald Trump's expected 'major statement' on Russia with analysts expecting more volatility on the forex market. At 0800 GMT, the rouble was 0.6% weaker at 78.45 per U.S. dollar, according to LSEG data based on over-the-counter quotes. The Russian currency is up by about 45% against the dollar since the start of the year. Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine and Russia's intensifying bombardment of Ukrainian cities. Russian rouble weakens vs US dollar for the first time since July 3 'The focus is on the announcement by the U.S. president's administration regarding Russia, scheduled for the beginning of the week, which may add volatility to currency exchange rates,' said Maxim Timoshenko from Russian Standard bank. Against the Chinese yuan, the most traded foreign currency in Russia, the rouble strengthened by 0.2% to 10.93 after weakening by over 1% during Friday's session.
Business Recorder
5 hours ago
- Business Recorder
Trump says US will send Patriot missiles to Ukraine
WASHINGTON: U.S. President Donald Trump said on Sunday he will send Patriot air defense missiles to Ukraine, saying they are necessary to defend the country because Russian President Vladimir Putin 'talks nice but then he bombs everybody in the evening.' Trump did not give a number of Patriots he plans to send to Ukraine, but he said the United States would be reimbursed for their cost by the European Union. The U.S. president has grown increasingly disenchanted with Putin because the Russian leader has resisted Trump's attempts to negotiate a ceasefire between Ukraine and Russia. Trump is expected to announce a new plan to arm Ukraine with offensive weapons in a sharp departure from his earlier stance, Axios reported on Sunday, citing two sources familiar with the matter. The White House did not immediately respond to a Reuters request for comment. Reuters couldn't immediately verify the report. Trump says Ukraine will need Patriot missiles for its defense, chides Putin Ukrainian President Volodymyr Zelenskiy has asked for more defensive capabilities to fend off a daily barrage of missile and drone attacks from Russia. 'We will send them Patriots, which they desperately need, because Putin really surprised a lot of people. He talks nice and then bombs everybody in the evening. But there's a little bit of a problem there. I don't like it,' Trump told reporters at Joint Base Andrews outside of Washington. 'We basically are going to send them various pieces of very sophisticated military equipment. They are going to pay us 100% for that, and that's the way we want it,' Trump said. He plans to meet NATO Secretary General Mark Rutte to discuss Ukraine and other issues this week.
