A German-based group of industries M/s Induser/Europipe has shown keen interest in setting up a Seamless Pipe Mill, worth 50 million euros in the vicinity of Pakistan Steel.
A three-member German delegation currently on a four-day visit to Pakistan, to examine the prospects of setting up the pipe plant, is scheduled to visit Pakistan Steel on Tuesday (February 10) to have detailed discussions regarding the proposed location and other technical modalities of the project with the Chairman and other senior officials of Pakistan Steel.
The delegation comprising Udo Schwenzfeier, Rolf Thelssen and Dr Michael Waechter, along with Consul General of Germany, Verena Grafin Von Roedern and other businessmen held a meeting with Minister for Industries and Production, Liaquat Ali Jatoi and looked into the feasibility of setting up the proposed pipe plant.
Chairman, Board of Investment (BoI), Waseem Haqqie, Chairman, Pakistan Steel, Lieutenant General Abdul Qayyum (Retd) and Chairman, PIDC, Azhar Jaffery were also present on the occasion.
The minister assured the delegation that all possible facilities and support would be extended to them to run their business in Pakistan.
He said that foreign investors would be provided all facilities including easily available economic raw material, utilities etc.
"Pakistan is the hub of industrial activities with tremendous potential for foreign investment because of liberal and stable policies with respect to trade and economic relations formulated during President Musharraf regime", he said.
On the occasion, Pakistan Steel Chairman, Lieutenant General Abdul Qayyum (Retd) described the project as highly lucrative investment opportunity in view of coast-based location of Pakistan Steel as well as availability of land, energy and other facilities at the doorstep, which together provided excellent opportunity for joint venture.
The BoI Chairman, Waseem Haqqie, informed the delegation that investment policies and foreign exchange regime of the country was most favourable in the region.
The delegation would also hold a separate meeting with the Chairman, PIDC to examine and discuss the technical modalities of the project in detail.