Latest news with #industrialcooperation
Arab News
09-07-2025
- Business
- Arab News
Pakistan, Russia discuss steel mills revival, industrial cooperation at INNOPROM forum
ISLAMABAD: Russia and Pakistan discussed plans to modernize a major steel complex and expand industrial cooperation during a high-level meeting on the sidelines of the INNOPROM Annual Industrial Forum in Yekaterinburg, state media reported on Tuesday. The meeting between Haroon Akhtar Khan, Special Assistant to the Pakistani Prime Minister on Industries and Production, and Russian Trade and Industry Minister Anton Alikhanov focused on reviving Pakistan's dormant steel industry and enhancing bilateral trade. 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. 'Both sides reviewed technical aspects of modernizing the Pakistan Steel Mills to establish a cutting-edge metallurgical facility,' Pakistan Television (PTV) reported. 'The discussions also explored ways to enhance trade ties and promote industrial collaboration between the two countries.' Earlier this month, Russian Consul-General Andrey B. Fedorov told Arab News Moscow expected to finalize an agreement with Islamabad this summer to construct a new steel mill in Karachi. The original Pakistan Steel Mills, once the country's flagship industrial complex, was built in the 1970s with Soviet assistance. While it symbolized national self-sufficiency, the mill has been non-operational since 2015 due to years of financial mismanagement, political interference and mounting losses. Technical experts from Russia have already inspected the proposed site for the new facility, and another delegation is expected soon to draft a detailed roadmap. Russia has a long history of industrial cooperation with Pakistan, having previously built key infrastructure projects such as the Guddu Power Station in Sindh in the 1980s, one of the country's major electricity producers. Moscow and Islamabad have expanded cooperation in recent years despite global tensions over the war in Ukraine.
Argaam
07-07-2025
- Business
- Argaam
Industry Minister inaugurates Saudi pavilion at Russia's INNOPROM 2025
Minister of Industry and Mineral Resources Bandar Alkhorayef inaugurated today, July 7, the Saudi pavilion at the 2025 edition of the INNOPROM International Industrial Exhibition, which is being held in Yekaterinburg, Russia, from July 7-10. The Kingdom is participating as a partner country in this year's edition. Alkhorayef is heading the Saudi delegation, which includes 18 governmental officials and representatives from 20 national companies in key sectors such as industrial services, technology, manufacturing, machinery, mining, industrial automation, energy, tourism, and culture. The pavilion is organizing a number of promotional events to highlight the competitive advantages of Saudi Arabia's investment environment and the promising opportunities in various industrial sectors. These events will also showcase the enablers and incentives offered to industrial investors in the Kingdom, including financing solutions from the Saudi Industrial Development Fund and the Saudi Export-Import Bank. This is besides shedding light on the Kingdom's advanced industrial infrastructure, including industrial cities, special economic zones and industrial complexes. Saudi companies are showcasing their latest industrial products and technologies to visitors. The pavilion also hosts several bilateral meetings between industrial leaders from Saudi Arabia and the Russian Federation, aimed at discussing opportunities to strengthen industrial cooperation and expanding joint investments.
Zawya
07-07-2025
- Business
- Zawya
Oman, Saudi launch 2nd phase of industrial integration initiatives
Muscat – The Sultanate of Oman and the Kingdom of Saudi Arabia launched the second phase of industrial integration initiatives on Saturday in Riyadh, as part of the Economic, Trade, and Industry Committee under the Omani-Saudi Coordination Council. This new phase features a set of strategic initiatives aimed at deepening industrial cooperation between the two nations. Key among them is the inclusion of Omani products in Saudi Arabia's list of approved industrial capabilities and the application of national origin rules to ensure equal treatment for Omani and Saudi companies in government tenders and procurement. H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry, and Investment Promotion, highlighted that the launch of the second phase and the signing of bilateral agreements reflect the shared commitment of Oman and Saudi Arabia to advancing industrial cooperation. He stressed that the initiatives align with the visions of the leaderships in both countries, aiming to build strategic partnerships rooted in integration and reciprocity. These efforts are expected to boost local value-added production, widen the industrial base, stimulate trade and investment, and foster a competitive business environment that supports private sector growth. The launch ceremony was held under the patronage of H E Yousef and H E Bandar bin Ibrahim al Khorayef, Saudi Minister of Industry and Mineral Resources. The event was attended by H E Najib bin Hilal al Busaidi, Oman's Ambassador to Saudi Arabia and Permanent Representative to the Organization of Islamic Cooperation and the Digital Cooperation Organization, alongside other officials from both countries. The ceremony featured a visual presentation outlining current joint industrial initiatives and expansion plans across priority sectors. Future initiatives focused on bolstering industrial cooperation, scaling up investments, and supporting supply and manufacturing chains were also discussed. During the visit, H E Yousef met with HRH Prince Sultan bin Khalid al Saud, CEO of the Saudi Industrial Development Fund. The meeting explored avenues for financing joint industrial projects, exchanging expertise, and supporting the development of industrial zones and related infrastructure. The launch marks a significant step in advancing industrial integration between Oman and Saudi Arabia. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Arab News
01-07-2025
- Business
- Arab News
Russia eyes summer deal with Pakistan for new Karachi steel mill — consul-general
KARACHI: Russia expects to finalize an agreement with Pakistan this summer to build a new steel mill in Karachi, Consul-General Andrey V. Fedorov said on Monday, the first time a Russian official has publicly confirmed the planned project. The new project will mark the revival of Cold War-era industrial cooperation as Islamabad seeks fresh foreign investment and closer ties with Moscow. The Soviet Union built the original Pakistan Steel Mills (PSM) in Karachi in the 1970s as the country's flagship state-run industrial complex. Once a symbol of national self-sufficiency, PSM has remained dormant since 2015 due to years of mismanagement, political interference and financial decline. By the end of fiscal year 2024, the mill had posted cumulative losses of Rs255.8 billion ($902 million), with liabilities reaching Rs359.9 billion ($1.27 billion). Despite being non-operational, it still employs more than 3,500 workers. Now, Russian and Pakistani officials are engaged in technical and diplomatic discussions to finalize the framework for a new steel mill. Technical experts from Russia have already inspected the proposed site in Karachi, and another team is expected shortly to advance planning and draft a detailed roadmap. 'The last negotiations were on May 27, so we are working on the final agreement,' Fedorov told Arab News in an interview when asked about the status of the new steel deal. 'Our technical experts examined the facility, so maybe one more team would come soon, just to fix out all the preparations and some of the proposals are on the tables, both of Russian and Pakistani sides … We are ready to prepare a roadmap for the constructions of a new steel mill in Karachi.' Fedorov declined to put a date on when construction would begin but said the teams had discussed a summer deal: 'They were discussing summer, you know, we are in the beginning of summer, so I hope this summer they would come … We would see in nearest time some positive conclusions and we will reach some agreements.' The envoy did not share the volume of investment Russia would look to make in the project but said the two sides would be working together now to prepare 'mutually beneficial contracts and agreements.' 'Practically, a new factory must be erected,' he said. 'Now we should, on the level of experts, discuss that.' PAKISTAN STREAM GAS PIPELINE PROJECT Russia has also built other major industrial facilities in Pakistan, including the Guddu Power Station in Sindh in the 1980s, one of the country's largest electricity sources. Moscow and Islamabad have expanded cooperation in recent years despite geopolitical tensions over Russia's invasion of Ukraine. Both countries are exploring deeper energy ties, oil and gas supplies, and even tabled a trilateral Russia-Pakistan-China resolution in the UN Security Council last month, seeking a ceasefire in the Middle East. Pakistan, a net energy importer, relies on foreign petroleum and LNG supplies to meet domestic demand. Last year, Islamabad received its first-ever shipment of discounted Russian crude oil, marking a shift from its traditional reliance on Middle Eastern suppliers. Pakistan's local gas reserves are fast depleting. It imported over $4 billion worth of liquefied petroleum and natural gas through May last fiscal year and $4.7 billion in LNG and LPG imports the year earlier (FY24), mostly from Qatar. Russia and Pakistan also held the ninth meeting of their intergovernmental commission on trade, economic, scientific and technical cooperation in December and agreed to move ahead with the long-delayed Pakistan Stream Gas Pipeline project. The pipeline, signed in 2015 but delayed for years, aims to transport imported liquefied natural gas (LNG) from Karachi to Pakistan's Punjab province and other energy-deficient regions. Federov said both sides knew the delays in, and challenges with, the pipeline 'must be fixed,' adding: 'We are working ... and I hope that in the nearest time we can prepare some positive surprises for Pakistani people, for Russian people, and for the world.' Asked what was delaying the pipeline, Federov declined to share details, saying it could 'spoil the game' as such projects 'do not like a lot of noise and discussions around it.' 'There are nothing that can be a firewall between Russia and Pakistan in implementing this project,' he said. The main challenges to building the Pakistan Stream Gas Pipeline include unresolved disagreements over project structure, financing terms, and US sanctions on Russian entities involved in the project. Regulatory hurdles and Pakistan's weak fiscal position have also contributed to repeated delays since the agreement was signed a decade ago. But despite the challenges, Federov said the two sides remained committed to finding 'positive conclusions' on both the new steel mill and the pipeline. 'We know that we can fix them,' he concluded.
Zawya
13-06-2025
- Business
- Zawya
Ambassador of Belarus S.Terentyev meets with the First Deputy Minister of Investment and Foreign Trade of Egypt
On June 12, 2025 the Ambassador Extraordinary and Plenipotentiary of the Republic of Belarus to the Arab Republic of Egypt, Sergei Terentyev, met with the First Deputy Minister of Investment and Foreign Trade of Egypt – Head of the Egyptian Commercial Service, Abdelaziz Al-Sherif. The sides discussed the preparation of the 8th meeting of the Belarusian-Egyptian Joint Trade Commission in Minsk, and the Roadmap for the development of trade and economic cooperation between the Republic of Belarus and the Arab Republic of Egypt. A special attention was paid to the issues of industrial cooperation in accordance with the agreements reached by the Heads of Governments of Belarus and Egypt in April 2024, including the resumption of work on assembly plants for Belarusian agricultural machinery in Egypt. Distributed by APO Group on behalf of Ministry of Foreign Affairs of the Republic of Belarus.
