The roadshow, started by the Ministry of Privatization on September 13 to attract investments for the revival of Pakistan Steel Mills (PSM), has culminated with strong hopes that local as well as renowned foreign investors will take part in the operationalization of one of the enormous industrial complexes of the country.
Talking to media after chairing back-to-back sessions with national investors in a Karachi hotel, Federal Minister Privatization Mohammedmian Soomro lamented that the country’s mega industrial unit was at a loss and had come to a standstill since 2015. “On this account, the current government took up the challenge and decided to revive and revitalize Pakistan Steel Mills,” he underlined.
The Federal Minister also reiterated that Pakistan was an investor-friendly country. “We hope that a consortium of the world’s renowned investors will take part in the revival of Pakistan Steel Mills.” He observed that Prime Minister Imran Khan’s personal interest in boosting the foreign investment in the country culminated in an encouraging response in the roadshow. He informed the media persons that the Ministry of Privatization was actively pursuing a unique PSM revival plan, which would help strengthen the economy and accelerate commercial activities at a wider level.
He said that the construction industry is taking a remarkable stride owing to the government policies, which would ultimately contribute toward jobs creation and other economic activities. He added that the indigenous demand for steel and iron had grown manifold due to the government relief to the construction industry. He noted, “this is an ideal situation for the potential investors to come ahead and make the mega industrial unit of PSM run at full throttle.”
The Federal Minister assured that the whole process was being run with utmost transparency, as all decisions were being taken after thorough deliberation, and due approvals from the Privatization Commission Board, Cabinet Committee on Privatization, and the federal cabinet. “Our focus is to make Pakistan Steels operational, and [in this regard] the Ministry of Privatization is assisting the investors in all possible ways, and it firmly believes that PSM will soon be revived,” he concluded.