The plans were discussed during a meeting between Uzbekistan’s ambassador to Pakistan, Alisher Tukhtayev, and Pak Steel CEO Hassan Farid in Islamabad. The talks focused on the prospects for a joint investment project to manufacture rebar and other steel products.
Farid cited high electricity prices in Pakistan as a factor driving up production costs and undermining the competitiveness of locally manufactured steel. He said the company had chosen Uzbekistan because of its more affordable energy resources.
The availability of infrastructure in industrial zones, as well as incentives and other benefits offered to investors, were also among the factors behind the company’s interest in Uzbekistan.
Pak Steel also expressed interest in cooperating on the construction of housing, hotels, dams and transport infrastructure.
The two sides agreed to hold video conferences with relevant Uzbek government agencies and draw up a roadmap for further cooperation. A visit to Uzbekistan by the company’s management is also planned.
