Chinese, Russian and Korean firms keen to invest in PSM: Abdul Razzak Dawood

ISLAMABAD: Advisor to Prime Minister for Commerce, Textile, Industry and Production, Abdul Razak Dawood on Monday said that Russian, Korean and Chinese companies have shown interest in investing Pakistan Steel Mills (PSM), ARY News reported.

While briefing Senate Standing Committee on Production and Industries, he said that machinery of Pakistan Steel Mills (PSM) has become old and needs a huge amount of money for its functioning.

Several companies from China, Russia, Philippine and  Korea have expressed interest to invest in PSMs, while the recommendation of giving it on lease is also under consideration, he said.

The PM’s assistant further said that the Chinese company has completed the overall assessment of PSM. He said that the situation will get more clear after the appointment of transaction advisors.

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Earlier in the day, Adviser to Prime Minister on Finance Dr. Abdul Hafeez Shaikh emphasized the need to incentivize the real estate sector as it can attract investment from Pakistani diaspora.

He was chairing a meeting in Islamabad on Monday to analyze different financial models for “Naya Pakistan Economic Zone alongside Islamabad Expressway”.

Shaikh assured government’s support for the development of the housing sector as it has the potential of providing employment opportunities to the youth.

The adviser further directed to hold another meeting with all relevant stakeholders in the current week for deliberating upon the financial plans prepared by Naya Pakistan Housing Authority (NPHA) for this project.