Chinese, Russian firms express interest in Pakistan Steel Mills sale
Senator Ahmed Khan presided over a meeting in Islamabad to discuss to the critical matters.
(Web Desk) - Industries and Production Secretary Azhar Ali Chaudhry said that several Chinese and Russian firms have expressed interest in the sale of Pakistan Steel Mills (PSM).
While briefing Senate Standing Committee on Industries and Production in Islamabad, he said that the government has delisted PSM from privatization.
The meeting of the committee was presided over by Senator Ahmed Khan.
The secretary informed the committee that the losses of steel mills have been accumulated to over Rs212 billion and an expert group has been formed for restoring the production at its full capacity.
Expressing certain reservations over closure of the PSM, the committee said billions of rupees were being spent on account of salaries and other expenditures, however, the PSM was showing zero output for the last four years.
The committee has also decided to visit a site in Karachi.
Meanwhile, China-Pakistan Economic Corridor (CPEC) Project Director Hassan Daud Butt while briefing the committee said two countries have announced 2019 as the year of industrial development for paving a way forward under a joint programme of CPEC.
He said this year the government has decided to launch four new Special Economic Zones including Rashakai, Allama Iqbal Industrial City, Dhabeji and Islamabad.
The CPEC project director said government has been procuring the land as per market price for Special Economic Zones.
The committee formed a six-member sub-committee on the matter of Special Economic Zones.
