ISLAMABAD: A high-level Russian delegation led by Deputy Prime MinisterAlexei Overchuk arrived in Islamabad on Sunday to acceleratemultibillion-dollar joint ventures in energy, minerals, pharmaceuticals andsteel sectors, officials said.
The visit follows last month’s agreement in principle during Prime MinisterShehbaz Sharif’s Moscow trip to establish working groups for flagshipprojects, including the Pakistan Stream Gas Pipeline and revival of theSoviet-era Pakistan Steel Mills.
Sources in the Ministry of Energy said both sides will finalise thecommercial framework for importing up to 12 million tons of Russian crudeannually and explore LNG swap arrangements to reduce Pakistan’s energyimport bill.
Talks on mineral exploration in Balochistan and Khyber Pakhtunkhwa are alsohigh on the agenda, with Russian firms expressing interest in copper, goldand rare earth deposits, according to the Ministry of Petroleum.
In the pharmaceutical sector, Pakistani companies are seeking technologytransfer and joint production facilities for generic medicines andvaccines, while Russian steel giant Magnitogorsk Iron and Steel Works hasshown readiness to rehabilitate the defunct Pakistan Steel Mills nearKarachi.
Both countries aim to increase bilateral trade from the current $1 billionto $5 billion in the next three years through removal of non-tariffbarriers and currency swap mechanisms.
Read Top Stories
The delegation includes senior officials from Rosatom, Gazprom and severalmining corporations, signalling Moscow’s strategic push to deepen economicties with Pakistan amid warming diplomatic relations.
Analysts view the visit as a major step towards diversifying Pakistan’seconomic partnerships beyond traditional Western allies and Gulf donors.
Source:www.thenews.com.pk/latest/1245827-russian-deputy-pm-overchuk-arrives-in-islamabad-for-key-talks”>https://www.thenews.com.pk/latest/1245827-russian-deputy-pm-overchuk-arrives-in-islamabad-for-key-talks
Source: https://tass.com/economy/1884291
