$20 billion investment from Saudi Arabia, Four mega projects including two steel Mills selected
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LAHORE - For the $20 billion investment from Saudi Arabia, Four mega projects including two steel Mills have been selected to be proposed to Saudi delegation.
The country’s first-ever local iron-ore steel mill to be established in Chiniot and another one in Chaghi tops the list of four potential projects selected by the government from across the country for investment by Saudi Arabia, it emerged on Sunday.
It may be recalled that Pakistan has signed a Memorandum of Understanding (MoU) for economic cooperation in mineral resources.
The MoU was part of the several $20 billion agreements and MoUs signed on Feb 17, 2019 for different sectors, including power production, establishment of refinery, petrochemical plant, promotion of sports and technical assistance in standardisation sector, at a ceremony held at Prime Minister House on the occasion of Saudi Crown Prince Mohammad Bin Salman’s visit.
Officials said that the four projects were picked out of a pile of proposals submitted by the provincial, Azad Jammu and Kashmir and Gilgit-Baltistan governments at a high-level meeting held last month in Islamabad.
