Pakistani company plans to implement an investment project in Uzbekistan’s metallurgical industry

Uzbekistan’s Ambassador to Pakistan Alisher Tukhtaev met with Hassan Farid, Director of Pakistani company “Pak Steel”, the correspondent of the Dunyo news agency reports.

During the meeting, the sides discussed prospects for implementing a joint investment project for the production of steel products in Uzbekistan, including the establishment of a facility for manufacturing reinforcing steel bars.

According to Hassan Farid, high electricity costs in Pakistan have a negative impact on the cost of steel products and their competitiveness in international markets. In this regard, Uzbekistan’s relatively affordable energy resources, industrial zone infrastructure, as well as incentives and preferences available to investors were identified as important factors for the implementation of the project.

In addition, “Pak Steel” expressed its readiness to cooperate in the construction of infrastructure facilities, real estate projects, hotels, residential complexes, overpasses, underground pedestrian crossings, and dams.

Following the negotiations, the sides agreed to hold videoconferences with relevant ministries and agencies of Uzbekistan, develop a roadmap for further cooperation, and subsequently organize a visit by the company’s management to Uzbekistan.

“Pak Steel” operates in the steel manufacturing sector and was established in 1949. The company produces reinforcing bars, deformed and plain steel bars, as well as various types of structural steel products, including channels and other metal products.