Russia to rehabilitate Railways, Steel Mills

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ISLAMABAD: A Russian delegation comprising certain heads of Russian companies are on a visit to Pakistan from 30th September to hold discussions regarding cooperation in the fields of railways, water and power and frame work cooperation agreement with Genco and Pakistan Steel Mills.

The BoI Chairman Saleem H. Mandviwalla held a press briefing on Tuesday along with Russian delegation to inform media about details regarding ongoing investment talks between Pakistan and Russia.

Mandviwalla told that MoU regarding expansion and rehabilitation of Pakistan Steel Mills was signed yesterday. It dealt mainly the cooperation in project of modernisation, reconstruction and expansion of the production capacity of Pakistan Steel Mills, Karachi up to 1.5 million tons. The Russian company Tyazhpromexport helped Pakistan to establish PSM.

After signing of MoU, the technical audit of the Pakistan Steel Mills by Russian company Tyazhprom Export would be carried out, the Chairman informed. Another MoU was signed for the up gradation of Pakistan Railways. A delegation of the company, M/S Transmash Holding visited Pakistan and held meetings with the Secretary Railways in Islamabad on April 25-26, wherein they were informed about the upcoming tenders for supply of passenger carriages for Pakistan Railways and further on exploring opportunities to cooperate with Pakistani manufacturers.

in order to create a joint venture for passenger carriages co-production. In this regard, M/S Transmash Holding had also invited Pakistan Railways to visit their facilities in Russia.

The third MoU was signed for cooperation in water and power sector, in which Russia is interested to invest in many projects keeping in view the power deficiency in Pakistan. Mandviwalla reiterated that the signing of MoUs in Steel, Railways, Power and Science & Technology Sectors would definitely be a milestone in the bilateral relations of both the countries. He further added that the signing of a Bilateral Investment Treaty (BIT) between the two countries may be considered by the Russian authorities to complement the mutual efforts.

Later, Chairman also appointed ShahzadShaikh as Honorary Investment Councilor (HIC) to Russia and Dr Hironao Takahashi as Honorary Investment Councilor to Japan.

End.