December 25, 2003	Thursday	Ziqa’ad 1, 1424

KARACHI, Dec 24: Minister for Industries and Production Liaqat Ali Khan Jatoi has invited Russian private sector to explore possibilities of joint ventures for revamping and modification of Pakistan’s heavy mechanical sector.

The minister was talking to a three-member Russian delegation of heavy mechanical industries led by Sergei V. Vasiljev, at PIDC House here on Wednesday. Chairman Pakistan Steel Mills Col (Retd) Mohammad Afzal Khan, chairman Pakistan Industrial Development Corporation (PIDC) Syed Zahid Husain were also present on the occasion.

Mr Jatoi also invited the delegation to undertake study in this regard and visit Heavy Mechanical Complex at Taxila, Pakistan Machine Tool Factory, Karachi and Spinning Machine Company, Lahore.

He said that value-addition in textile sector was very vital for country’s economy as 75 per cent of the total exports was textile based. The Russian delegation also indicated willingness to provide their expertise in textile sector.

The minister also invited Russian automobile manufacturers to start assembling of Russian-made cars in Pakistan as the country needed cheaper cars.

He said that demand for automobile was rising in Pakistan and the local production of vehicles in the country would reach 110,000 by the year 2004.

Talking about expansion in Pakistan Steel, the minister said that Russian companies were undertaking expansion work at PS.

Mr Vasiljev said that his country wanted to supply modern machinery to Pakistan in mechanical as well as textile sectors.

He said that special machinery for producing spare parts for tractors and automobile could also be supplied to Pakistani assemblers.

The minister welcomed the Russian offer for the transfer of technology to Pakistan in heavy mechanical, textile and automobile sectors.—APP