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ISLAMABAD: Pakistan set to revive its dormant steel industry through a new initiative aimed at reducing steel imports, creating jobs, and promoting sustainable industrial growth, according to a statement released Tuesday by the Press Information Department (PID), a move projected to save up to $13 billion over the next decade. Maritime Affairs Minister Muhammad Junaid Anwar Chaudhry unveiled the plan to establish a &ldquo;Sea to Steel Green Maritime Industrial Corridor&rdquo; at Port Qasim, which will link ship recycling, steel manufacturing, and green industrial practices into a single, sustainable ecosystem. &ldquo;This is not just about steel production,&rdquo; Chaudhry said. &ldquo;It&rsquo;s about creating a robust, self-sustaining maritime-industrial ecosystem that supports Pakistan&rsquo;s long-term growth and prosperity.&rdquo; Speaking at a high-level meeting with the Special Assistant to the Prime Minister on Industries and Production, Chaudhry outlined how the corridor will be developed in partnership with the Ministry of Industries and Production. The project, he said, is designed to modernize Pakistan&rsquo;s steel production while leveraging maritime resources for a greener and more self-reliant industrial future. Cutting steel imports by 20% Pakistan currently imports about $6 billion worth of steel each year, and demand is expected to rise by roughly 6% annually through 2035, according to the World Bank. The proposed Sea to Steel Green Corridor could reduce steel imports by as much as 20%, saving the country more than $13 billion over ten years. &ldquo;By harnessing our maritime potential and reviving dormant assets, we can reduce our dependence on costly imports,&rdquo; Chaudhry said. &ldquo;This project will conserve foreign exchange and strengthen domestic industry.&rdquo; The initiative is also expected to improve Pakistan&rsquo;s capacity to produce high-quality steel locally, helping to shrink the trade deficit and support industrial recovery. Reviving Port Qasim&rsquo;s idle berth A central part of the plan is the revival of the Iron Ore and Coal Berth (IOCB) at Port Qasim, which has been inactive since 2015. The government aims to convert the underused facility into a modern ship recycling and repair complex, complete with a floating dock capable of handling Aframax-class vessels. Chaudhry said that steel recovered from dismantled ships would be supplied either to Pakistan Steel Mills or reprocessed at a new facility near Port Qasim to produce high-grade industrial steel. &ldquo;Reviving the IOCB will breathe new life into our maritime infrastructure while supporting sustainable steel production,&rdquo; he said. Boosting maritime infrastructure The project is also designed to reduce the Pakistan National Shipping Corporation&rsquo;s (PNSC) dependence on foreign shipyards for vessel maintenance. Chaudhry said developing local repair capacity will lower costs and strengthen Pakistan&rsquo;s maritime infrastructure. The Special Assistant to the Prime Minister on Industries and Production welcomed the initiative, calling it a transformative step for Pakistan&rsquo;s economy. &ldquo;The project has the potential to transform Pakistan&rsquo;s industrial and maritime landscape,&rdquo; the special assistant said. &ldquo;Our combined efforts will drive sustainable development and create jobs for thousands of Pakistanis.&rdquo; The technical advisor at the maritime affairs ministry described the plan as a key component of Pakistan&rsquo;s Blue Economy vision. &ldquo;The Sea to Steel Green Corridor represents an integrated model of sustainable ship recycling, green steel production, and maritime industrialization,&rdquo; the advisor said. &ldquo;It will attract investment, generate employment, and encourage technology transfer.&rdquo; Once fully operational, the corridor is expected to revitalize idle assets and create thousands of skilled and semi-skilled jobs, particularly in the Port Qasim region. The meeting concluded with an agreement to begin developing the project&rsquo;s technical and financial frameworks, in coordination with national agencies and international partners. A formal presentation to key stakeholders is expected in the coming weeks, according to the PID statement.

Economy

The proposed Sea to Steel Green Corridor could reduce steel imports by as much as 20%, saving the country more than $13 billion over ten years.

Pakistan targets $13 billion savings with plan to revive steel sector

ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif launched Pakistan&rsquo;s INSPIRE initiative on Tuesday, marking the country&rsquo;s formal entry into the global semiconductor industry. The project aims to train 7,200 professionals in semiconductor design, research, and development, positioning Pakistan to compete in a sector worth over&nbsp;$600 billion globally. At a ceremony in Islamabad, the PM called INSPIRE a key step in Pakistan&rsquo;s transition to a knowledge-based digital economy. The program, backed by the Ministry of Information Technology and Telecommunication (MoITT) and managed by the Pakistan Software Export Board (PSEB), aims to achieve technological self-reliance and enhance global competitiveness. The PM stated that mastering technologies such as semiconductors and artificial intelligence would shape the future of global power. &quot;Only nations that master these technologies will rule the future of the world,&quot; he said. PM Sharif said the importance of building a digital economy driven by innovation, research, and human capital. &quot;Through INSPIRE, we are laying the foundations of a new economic frontier for Pakistan,&quot; he added. He also stated that the government would provide full support for the initiative, directing quick action to meet the program&#39;s objectives. He revealed that the Planning Ministry had allocated Rs4.5 billion for the program under its Public Sector Development Programme (PSDP), saying funding would not be an issue. Other initiatives Alongside INSPIRE, the government has launched several other initiatives to strengthen Pakistan&rsquo;s digital infrastructure. These include the creation of the Pakistan Digital Authority, the complete digitization of the Federal Board of Revenue (FBR), and efforts to develop a cashless economy. Supporting a new generation of technologists The Federal Minister for IT and Telecommunication, Shaza Fatima Khawaja, said INSPIRE reflects the government&#39;s commitment to creating a technology-driven, inclusive economy. The program aims to equip youth and women with the skills needed to lead in global innovation, particularly in the semiconductor sector. Similarly, the Chairman of the National Semiconductor Task Force outlined the long-term vision for Pakistan&rsquo;s semiconductor industry. He said the goal was not only to train talent but to create a complete ecosystem linking academia, research, and industry. INSPIRE&rsquo;s reach and goals INSPIRE will train 7,200 professionals over five years in semiconductor design, verification, and research. The program will involve nine public universities across Pakistan&rsquo;s northern, central, and southern regions and establish six Integrated Circuit (IC) labs. The first phase of INSPIRE will lay the groundwork for Pakistan&rsquo;s participation in the global semiconductor supply chain by developing Outsourced Assembly &amp; Testing (OSAT) and semiconductor fabrication capabilities. &ldquo;Shaping the future&rdquo; The launch of INSPIRE signals a new phase in Pakistan&rsquo;s digital transformation. With a focus on youth, innovation, and global collaboration, the program aims to establish Pakistan as a credible player in the trillion-dollar global semiconductor market. &quot;Through this initiative, we are not just preparing for the future,&quot; said Prime Minister Sharif. &quot;We are actively shaping it.&quot;

PM Sharif addresses the launching ceremony of Inspire, an Initiative by Ministry of Information Technology to nurture Semiconductor professionals for industry research and education on 21 October 2025. (PMO)

The project aims to train 7,200 professionals in semiconductor design, research, and development, positioning Pakistan to compete in a sector worth over $600 billion globally.

Articles tagged with "Pakistan steel mills"

Pakistan targets $13 billion savings with plan to revive steel sector

Pakistan launches initiative to build future semiconductor workforce

Pakistan targets $13 billion savings with plan to revive steel sector