A Chinese company Ansteel International has expressed keen interest in establishing a steel mill in Punjab during a high-level meeting at the Punjab Board of Investment and Trade (PBIT), a statement said on Wednesday.

Ansteel International Trading Company is one of China’s leading steel and titanium manufacturers, it said.

The company has sent a 10 person delegation to hold a meeting at the Punjab Board of Investment and Trade’s headquarters in Lahore to discuss the future of steelmaking and manufacturing in the region.

Ansteel International has various steel-related operations in different countries, including Australia, Spain and Italy. They are now interested in opening a steel mill in Punjab soon.

During the meeting, discussions were held regarding the possibility of investment by the company into the steel industry of Punjab.

The members of the delegation were interested in the already developed sites of Chiniot and Kalabagh to open one million tons capacity steel mill because of their vast deposits of iron ore and coal, the statement said.

The meeting; which was attended by the Minister for Mines and Minerals and Minister for Industries along with Abdul Basit, chairman of PBIT, and Amena Cheema, CEO of PBIT, was used as headway to further enhance Pakistan-China relations.

Ansteel International was reassured of the safety and security of their investment and personnel and that the PBIT and other bodies concerned will do everything possible to ensure the success of their investment.

The Punjab government and PBIT will act as facilitator for the company and ensure that all bumps in the investment process are appropriately handled.

The company was promised easy access to raw materials such as water and certain minerals such as limestone and coal, as well as a steady and reliable supply of labourers and skilled workers that will be trained according to Ansteel’s requirements, it said.

The statement also said that the company will also be given a 30-year lease in a mineral rich area with an easy option to keep extending the lease in 10-year installments.

The government will also develop road and rail networks for the company, if needed for easy accessibility and transportation.

This will be a great project if it comes to fruition. Not only will it involve the development of rural areas, but will provide jobs for thousands of locals and, in general, improve the standard of living.

The company will also be required to build a power plant, which will not only provide energy to the mill, but also to the surrounding areas, the statement added.

 

Source : thenews.com.pk

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