KARACHI - South Korean government and business community have explored Pakistan as potential economic hub, willing to invest in different sectors, particularly steel, which offers huge growth opportunities spurred by government’s investment-friendly policies. This was stated by the Ambassador of South Korea Jong Hwan Song while talking to TSML Project Director Zaigham Adil Rizvi during his visit to Tuwairqi Steel Mills.
Terming steel as vital for economic development of any country, Korean Ambassador said that TSML is an industrial icon strengthening the bond between South Korea and Pakistan. “South Korean steel giant POSCO is already an equity partner with Al-Tuwairqi in this project and contemplating to invest more for the backward and forward integration in this initial effort of the DRI plant. While interacting with the highly professional, dedicated and committed team of TSML, he opined that there is a dire need of an outright support from the government of Pakistan to address the commercial issues TSML currently is contended with. Moreover to encourage POSCO and Al-Tuwairqi both to invest further in the backward and forward integration of the ongoing project.
The Ambassador specially lauded the extraordinary efforts of the technical team of TSML which only within 120 days of trial production had been able to test run the plant at 100pc of its rated capacity in May 2013, under the supervision of the OEM experts. Earlier, Zaigham Adil Rizvi, Country Head / Director (Projects), TSML gave a detailed presentation about the project and shared statistics about the global steel industry vis-a-vis the current status of steel sector in Pakistan. “There is a consistent growth in the production of DRI over the years, owing to environment-friendly production process and consistent quality of the product,” he said.
He was of the view that currently, Pakistan was among the countries that relied mostly on imports, when it comes to heavy mechanical structures and engineering goods. “By producing high-quality steel within Pakistan, we can manufacture such equipment locally by value addition, with the help of downstream industries,” he concluded.