Russian and Chinese companies make big economic offer to Pakistan

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Russian and Chinese companies make big economic offer to Pakistan

ISLAMABAD: Federal Minister for Privatisation Mohammad Mian Soomro and Federal Minister for Industries and Production Hammad Azhar co-chaired an important meeting to review and discuss the progress made in the revival of Pakistan Steel Mills (PSM).

The meeting was briefed on progress as per the approved transaction structure of Pakistan Steel Mills. The forum was informed that meetings were held with various investment parties for Pakistan Steel Mills.

In this regard, different companies of China, Russia and Korea have shown interest, according to a statement released by the privatization ministry.

Speaking on the occasion, the minister said that government will make every effort to resolve all issues so that the transaction can be completed on time.

“We must strictly follow the timeline and complete the task in the defined period,” said Soomro.

Moreover, the other matters relating to the use of jetty, registration of a new subsidiary and others were deliberated upon in detail.

Federal Secretary Privatisation, Secretary, Additional Secretary Industries, and other senior officials of the ministry attended the meeting. Chairman and CFO PSM, participated via video link.

Earlier in October, Federal Minister for Privatisation Muhammad Mian Soomro link had announced that the privatization process of four to five state-owned institutions will be completed by June 2021.