APP reported that Al-Tuwairqi Holding and POSCO signed an agreement on Saturday about an investment of USD 15 million by POSCO in Tuwairqi Steel Mills Limited at the Sindh Chief Minister House.

The agreement was signed by chairman of Al-Tuwairqi Holding, Dr Hilal Hussain Al-Tuwairqi and chairman of POSCO Mr Joon-Yang Chung.

Sindh Chief Minister Mr Syed Qaim Ali Shah conveyed his message that this agreement will not only create new job opportunities in Pakistan but also enable transfer of technology in the industrial sector. He expressed his satisfaction on the ongoing progress of Al-Tuwairqi’s project in Pakistan and termed this joint venture as the catalyst for industrial development in the country.

Speaking on the occasion, Dr Hilal Hussain Al-Tuwairqi said this accord will not only further strengthen the bond among the three companies but also among the countries these organizations are representing. He said “We are hopeful that this is the beginning of a long lasting relationship between ATH and POSCO and it will also help build trust of more foreign investors in the country.”

Mr Joon-Yang Chung said we have plans for Pakistan as part of our long term vision for the country. He also took into account the current scenario of the Pakistani steel sector, which indicates a huge growth potential in this industry.

(Sourced from app.com.pk)