Islamabad, May 13, 2025 — In a significant step toward enhancing economic cooperation, Russia and Pakistan have agreed to establish a new steel mill in Karachi, reinforcing their growing bilateral relationship.
The development was finalized during a high-level meeting between Russian representative Denis Nazaroof and Special Assistant to the Prime Minister (SAPM) on Investment, Haroon Akhtar Khan.
According to an official press release, the core focus of the meeting was the creation of a modern steel manufacturing facility in Karachi, with both parties expressing strong commitment to the project’s success. Extensive discussions were held on potential areas of collaboration in the steel sector, which remains a critical component of Pakistan’s industrial infrastructure.
To facilitate the initiative, the two sides agreed to form a joint working group that will oversee the planning, execution, and regulatory framework of the new steel plant. The establishment of this working group marks a proactive step in turning diplomatic goodwill into tangible economic results.
SAPM Haroon Akhtar Khan highlighted Prime Minister Shehbaz Sharif’s vision to attract increased foreign direct investment to Pakistan. He reiterated that Pakistan has emerged as a promising and secure destination for international investors and emphasized that this is a particularly favorable time for foreign companies, including those from Russia, to engage in high-potential sectors such as steel manufacturing.
Khan noted that the proposed collaboration in the steel industry would not only bring technological advancement and employment opportunities to Pakistan but also serve as a strategic venture benefiting both nations economically. He extended a warm invitation to Russian investors and entrepreneurs to explore further opportunities in Pakistan’s dynamic market.
Russian envoy Denis Nazaroof also expressed optimism about the future of Russia-Pakistan economic relations, particularly in industrial and infrastructure development. He emphasized the importance of bilateral projects like the Karachi steel mill as symbols of mutual trust and economic synergy.
This initiative represents a significant move toward deepening strategic and economic ties between Russia and Pakistan, while also aiming to revitalize Pakistan’s steel production capabilities. The proposed steel mill in Karachi could serve as a landmark project, setting the stage for future partnerships across multiple industrial sectors.