ISLAMABAD: The Saudi and Korean steel investors are investing US$ 890 million as initial investment in the steel sector which will make Pakistan self-sufficient in the production of high grade steel.

The investors plan to enhance the scope of investment further by investing in the mining of iron ore in Balochistan and in the production of semi-finished steel products thus achieving forward integration in the next three years and backward integration in four years as it involves investment in parts of Baluchistan where law and situation is not exemplary. This was informed in a meeting chaired by the Federal Minister for Commerce Engr. Khurram Dastgir Khan here Wednesday who welcomed the investors in Pakistan and ensured complete support of the Ministry of Commerce.

In the meeting, the Minister said that on the directions of Prime Minister Nawaz Sharif, the economic ministries of the government are working in close coordination to increase investment and boost trade in the country. He said that the Govt is introducing reforms to bring standardization and value addition in the products.–APP

He was of the view that the investment in steel sector will prove to be a catalyst for industrialization in the country.

The iron-mining and allied sectors will also flourish which will provide jobs to thousands of youth in the country.