ISLAMABAD: Pakistan has announced an ambitious “Sea to Steel Green Corridor” initiative to revive Pakistan Steel Mills.
As per details, Federal Minister for Maritime Affairs Junaid Anwar Chaudhry stated that the project will save up to $13 billion over the next decade through reduced steel imports.
In a high-level meeting, the minister announced the plan to revive the struggling Pakistan Steel Mills (PSM) through advanced technology and a new maritime-industrial partnership with the Ministry of Industries and Production.
The Special Assistant to the Prime Minister on Industries and Production, Haroon Akhtar Khan, called on the Maritime Minister at his office. Junaid Chaudhry unveiled a detailed proposal to establish Pakistan’s first “Sea to Steel Green Maritime Industrial Corridor” at Port Qasim.
According to Maritime Minister, the project could reshape Pakistan’s industrial and maritime sectors by integrating ship recycling, steel manufacturing, and sustainable industrial practices into one ecosystem.
Pakistan currently imports around $6 billion worth of steel annually, with demand expected to grow by nearly 6% each year through 2035, according to a World Bank report.
He said that the proposed project could reduce steel imports by up to 20%, potentially saving the country over $13 billion in the next decade.
