KARACHI - Board of Investment (BoI) Chairman Saleem H Mandviwalla said Monday that Tuwairqi Steel Mills would definitely serve as the catalyst of industrial growth in Pakistan. He was addressing a press conference after visiting Tuwairqi Steel Mills (TSML) project at Bin Qasim. He expressed his satisfaction on the overall construction activities going on more specifically the organized manner on which the project is scheduled and progressed, and admired the quality of work as well. He further acknowledged and appreciated the enthusiasm of engineers and workers. Mandviwalla specifically remarked on the outstanding contribution of Al Tuwairqi Holding (ATH) - the parent company of TSML- towards local value addition particularly in the area of design & engineering and fabrication. It is a matter of great pride for us that Pakistan would be producing one of the most preferred raw materials for quality steel making - DRI (Direct Reduced Iron), upon the completion of the first phase of TSML, he noted. He said that BoI was committed to transform our country into an industrial hub and for that we seek more projects - especially in the steel sector, since steel is the backbone of the industrial growth. He said that government is facilitating local as well as foreign investors for the industrial growth of the country besides offering them lucrative incentives. We are expecting a significant increase in foreign investment during this fiscal year, he said and added that renowned Japanese companies would commence industrial activities at Special Economic Zone, spreading over an area of 2500 acres in Dabeji. This would strengthen the national economy and create a number of job opportunities. Referring to the proposal of Jet Furnace project from Germany, which is substantially cost-effective in terms of electrical energy consumption, he said that the government would fully support this effort of Al Tuwairqi to bring this technology to Pakistan. Zaigham Adil Rizvi, Director (Projects), TSML earlier gave a detailed presentation about the project and shared statistics about the global steel industry. He said that the DRI production worldwide has increased from 84.6 million tons in 2000, to over 132.9 million tons in 2008. There is a consistent growth in the production of DRI over the years owing to environment-friendly production process and consistent quality of the product. He said the first phase of the project that constitutes a DRI plant to produce 1.28 million tons of high-quality DRI is targeted for completion in Dec, 2009.