Pakistan Asks China to Bid for PSM
The Express Tribune reported that Pakistan last week urged China to take part in competitive bidding for buying Pakistan Steel Mills and reiterated its earlier
The Express Tribune reported that Pakistan last week urged China to take part in competitive bidding for buying Pakistan Steel Mills and reiterated its earlier decision of excluding the closed industrial unit from the China-Pakistan Economic Corridor framework. The issue of selling the country’s largest industrial unit to China under a government-to-government deal was discussed during a meeting between Finance Minister Mr Hammad Azhar and Chinese Ambassador Mr Nong Rong.
During the 9th Joint Cooperation Committee of CPEC meeting, Pakistan had given an understanding to China that it wanted to include PSM in the CPEC framework. Projects that are executed under the CPEC framework are not open to all international investors and only Chinese investors can participate in the bidding process. However, over a year ago the government decided to keep PSM outside of the CPEC framework based on input from the then finance adviser Mr Abdul Hafeez Shaikh.
However, The News reported that without disclosing the names, Pakistan’s Minister for Planning, Development and Special Initiatives Mr Asad Umar said PSM will be functional in the future as four companies have shown interest to run it.