Pakistan and Russia agree to establish new steel mill in Karachi — state media
ISLAMABAD: Pakistan and Russia have agreed to establish a steel mill in Karachi, state media reported on Tuesday, aiming to boost bilateral ties and expand industrial collaboration between the two countries.
Their understanding reflects a broader deepening of Pakistan-Russia relations in recent years, including energy cooperation on oil and gas supplies. In 2023, the two sides worked on a deal for the delivery of Russian crude to Pakistan, and talks have continued on broader energy partnerships.
The two countries are also collaborating on the Pakistan Stream Gas Pipeline, a major infrastructure project aimed at transporting imported gas from Karachi to Punjab to help meet Pakistan's energy needs.
The idea of the new steel mills was discussed during a meeting between Russian representative Denis Nazaroof and Special Assistant to the Prime Minister (SAPM) Haroon Akhtar Khan.
'The primary focus of the discussion was the establishment of new steel mills in Pakistan,' the Associated Press of Pakistan (APP) news agency reported.
The new project echoes the historic collaboration between the two sides in the 1970s, when the Soviet Union helped set up Pakistan Steel Mills (PSM).
PSM was once the country's largest industrial complex. However, the facility suffered decades of neglect, financial mismanagement, and political interference, ultimately shutting down production in 2015 after accumulating billions in losses.
'Pakistan is a secure and thriving hub for investment, and the international community has recognized its potential,' Khan said during the meeting.
'I invite all Russian businesspeople to explore investment opportunities in Pakistan,' he added.
Khan also emphasized the Prime Minister's vision to attract foreign investment and underscored the potential for meaningful Pakistan-Russia cooperation in the steel sector.
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