ISLAMABAD, Aug 23: The Al-Tuwairqi Group of Companies (ATG) of Saudi Arabia on Tuesday announced that it would set up a steel mill in Bin Qasim, Karachi, at a cost of $200 million.

The Tuwairqi steel mills would have a capacity of one million tons per year, said ATG Chairman Dr Hilah Hussain Al-Tqairqi who called on Prime Minister Shaukat Aziz here.

The prime minister said the investment regime, incentives and facilities in Pakistan were the most competitive in the region. Infrastructure — particularly road network, port facilities and communication services — were being expanded to facilitate prospective investors, he added.

Mr Aziz said due to its growing economy, demand for steel was rising in Pakistan and there was a great potential for investors to exploit its growing market.

The ATG chairman said his company would make an investment of $30 million to lay down a line for supplying electricity to the steel mill from the national grid. He said his steel mill would employ 1,000 people and indirectly benefit 2,500 people.