ISLAMABAD – The government is considering a proposal to establish a new steel mill in Karachi with Russian cooperation and the both countries agreed to form working groups to move forward on the project.

In this regard, Deputy Minister of Industry and Trade Russian Federation Aleksei Gruzdev met with Minister for Industries, Production and National Food Security Rana Tanveer Hussain.

The minister informed that the government has earmarked 700 acres land of Pakistan Steel Mills for establishing a new steel mill. He said despite being blessed with considerable reserves of iron ore (estimated reserves of 1887 million tons), Pakistan is forced to import around $2.7 billion of iron and steel.

There is perpetual gap between domestic production and demand of iron and steel. For the last year, the gap is estimated at 3.1 million tons, he added.

Pakistan’s per capita steel consumption level is below even those of developing countries indicating significant growth potential over medium and long term.

He said efficiency of Pakistan’s steel industry is limited as it segmented (600 small units) and based on old inefficient technology.

The proposed site is located at Karachi and in closed to Port Qasim that reduces cost of transportation of raw materials.

Pakistan’s industrial and agricultural experts are set to visit Russia, marking a significant step in strengthening bilateral ties between the two nations. During the meeting, they emphasized on balance trade between both countries.

Rana Tanveer stressed the need for modern agricultural machinery to boost crop yields and enhance agricultural productivity.

He said the government will provides all the facilities to the Russian investor in the country. Aleksei Gruzdev said that his country will provide modern agricultural machinery to Pakistan in order to boost crop yields and enhance agricultural productivity across the country.

The meeting was attended by deputy trade representative of the Russian Federation in Pakistan Denis Nevzorov, secretary for industries and production Saif Anjum, secretary national food security and research Ali Tahir, additional secretary national food security Amir Mohyudin, deputy chief industries and production Abdul Samad and Executive Engineer PSM Engr. Muhammad Shoaib.

 NEW DELHI: Financial Action Task Force (FATF), the global anti-money laundering watchdog, urged India on Thursday to accelerate its prosecutions in financial fraud cases. 

FATF, a 40-member task force, in a report has rated India “moderately” effective on its parameter of “money laundering investigation and prosecution”, further adding that the country was compliant in most areas. 

The task force sets global standards for national authorities cracking down on illicit funds generated through drug trafficking, illegal arms trade, cyber fraud and other serious crimes.

India became a member in 2010. In its report the task force said the country was “compliant” and “largely compliant” on 37 out of 40 parameters evaluated as part of its assessment.

The number of money laundering convictions over the last five years has been impacted by a series of constitutional challenges and by the saturation of the court system, the global watchdog said in its report on India, released on Thursday. India’s courts have huge backlogs of cases, with many left pending for years.

The Enforcement Directorate, India’s anti-money laundering agency, has seized assets of suspected financial criminals amounting to 9.3 billion euros ($10.4 billion) over the last five years but confiscation based on convictions amounted to less than $5 million, the report said.

“It is critical India addresses these issues in view of accused persons waiting for cases to be tried and prosecutions to be concluded,” it said.

The three areas in which there is partial compliance include bank scrutiny of political figures’ source of wealth and oversight of the finances of non-profit organisations and non-financial businesses and professionals.

The watchdog also noted that India faced financing threats from groups active in the Indian Illegally Occupied Jammu and Kashmir (IIOJK) region and money laundering from illegal activities related to corruption, drug trafficking and cyber crime.

The statement added that India needs to focus on concluding the prosecutions and properly sanction such financiers.