Pakistan and Russia have decided to form a working group to establish a new steel factory in Karachi. This development was announced during a meeting on Wednesday between Aleksei Gruzdev, Russia's Deputy Minister of Industry and Trade, and Rana Tanveer Hussain, Pakistan's Minister of Industry and Production.
Hussain noted that the two countries are assessing the project to strengthen their cooperation, and the Pakistani government has allocated 700 acres of land for the new steel factory. Despite having significant iron ore reserves, Pakistan needs to import around 2.7 USD billion worth of steel each year. Building the new factory near Karachi and Port Qasim will help reduce raw material transportation costs.
Additionally, Gruzdev mentioned that Russia aims to provide modern agricultural machinery to Pakistan.
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