In a major development, Pakistan and Russia have signed a protocol to revive and modernize the Pakistan Steel Mills (PSM) in Karachi, marking a renewed phase of industrial cooperation between the two countries.
The agreement was finalized during a high-level visit by a Pakistani delegation led by Haroon Akhtar Khan, Adviser to the Prime Minister on Industries and Production. The protocol was signed by Federal Secretary for Industries and Production Syed Saif Anjum and Russia’s Vadim Velichko.
Speaking at the signing ceremony, Haroon Akhtar Khan said the collaboration would usher in a new era of industrial growth. “Pakistan Steel Mills, originally established in 1971 with Soviet assistance, is once again being revived with Russian cooperation,” he said.
Pakistan, Russia Sign Protocol to Revive Pakistan Steel Mills
He added that the initiative aligns with Prime Minister Shehbaz Sharif’s vision for revitalizing Pakistan’s industrial sector. “This strategic partnership will enhance employment opportunities and boost the country’s industrial output,” Khan noted.
The modernization plan includes comprehensive technological upgrades aimed at restoring PSM’s productivity and operational capacity. The move is expected to significantly strengthen Pakistan’s economic resilience and contribute to long-term industrial sustainability.
This agreement comes shortly after the federal government, on July 3, 2024, decided to formally shut down PSM due to years of financial losses. In a related move, the government offered the Sindh administration 700 acres of the PSM’s 19,000-acre land to establish a new steel plant under provincial management.
The revival of PSM marks a turning point in Pak-Russia economic ties, with both nations reaffirming their commitment to industrial cooperation and strategic investment.
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