Islamabad: In an effort to expand its industrial base, Pakistan plans to collaborate with Russia on establishing a new steel mill. The initiative, led by the Minister for Planning Development and Special Initiatives Ahsan Iqbal, involves a feasibility study and business plan preparation by the Ministry of Industries and Production aimed at attracting Russian investors.

According to Zameen.Com, the decision to pursue Russian collaboration was made during the fourth meeting of a high-level committee. The committee, which is responsible for setting the agenda for a forthcoming high-level visit to Moscow by Pakistani officials, emphasized the significance of identifying potential projects and collaboration proposals, either through government-to-government or business-to-business arrangements. Minister Ahsan Iqbal expressed concern about the absence of secretaries from key ministries at the meeting, noting that their involvement is crucial for effective decision-making.

The meeting also addressed various trade and business collaboration models with Russia, resulting in several strategic decisions. These include the preparation of strategy papers and roadmaps by all ministries and divisions, an analysis by the Ministry of Commerce to boost exports to Russia, and the development of a comprehensive master plan for the China-Pakistan Economic Corridor (CPEC) route to enhance regional connectivity. Furthermore, the Pakistani Embassy in Russia is tasked with identifying sectors suitable for collaboration, while the Board of Investment has been added as a committee member to bolster these efforts.