Pakistan and Russia have taken a bold step in creating stronger economic ties. On Tuesday, Denis Nazaroof, Russia’s representative, held a comprehensive meeting with Haroon Akhtar Khan, Special Assistant to the Prime Minister, to discuss the establishment of a new steel mill in Karachi.
The dialogue between the two officials was conducted which highly emphasized on enhancing bilateral industrial collaboration, particularly in the steel sector—a backbone of any developing economy. Both sides agreed on the formation of a joint working group that will chart the course for this ambitious venture.
The working group will facilitate planning, feasibility assessments and coordination between the two nations to guarantee execution of the project smoothly and effectively.
Haroon Akhtar Khan, while welcoming the Russian interest unveiled the caretaker prime minister’s vision of opening Pakistan to increased foreign direct investment. He emphasized that Pakistan has now become a promising and secure destination for international business and investment.
“This is an opportune moment for foreign investors. The environment is highly favorable, and Pakistan has proven itself to be a strong and safe hub for global investors,” he claimed.
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Khan also highlighted the mutual benefits such collaboration could offer, not only in terms of economic growth and industrial development for Pakistan but also in opening new markets and strategic alliances for Russia. “Such partnerships are the main steps to unlocking long-term economic potential,” he said.
Encouraging Russian entrepreneurs to visit Pakistan, Khan extended an open invitation to explore the huge investment opportunities across various sectors, including
- Steel manufacturing
- Infrastructure
- Energy
This meeting, though diplomatic in nature, strongly reflects a broader shift in Pakistan’s strategic direction—moving towards diversification of its industrial partnerships beyond traditional allies.
It also comes at a time when the caretaker government has removed Pakistan Steel Mills from the list of institutions slated for privatization, highlighting a pivot towards joint ventures rather than offloading key national assets.
The steel mill project could set a precedent of a new era of economic cooperation between the two countries, boosting
- Pakistan’s industrial base
- Fostering stronger Pakistan-Russia relations