KARACHI: Bilateral trade between Pakistan and Russia improved to US$660million during 10 months of the current calendar year which is expected toreach around US$750 to US$800 million by year end.
According to an official of Karachi Chamber of Commerce & Industry (KCCI),Trade representative of Russia, Yury Kozlov, during his visit to thechamber said there existed huge potential to boost the current trade volumebetween the two countries.
This, however, said to be gradually improving due to lack of direct bankingchannels and this was despite the fact that State Bank of Pakistan and theCentral Bank of Russian Federation had already signed a Memorandum ofUnderstanding (MoU) in January 2018.
The Russian Trade Representative said the central banks of both countriesneed to act more energetically so as to ensure that needed progress is madewithout any unwarranted delays.
Deputy Trade Representative of Russia, Ruslan Aliev, President KCCI JunaidEsmail Makda, Vice President KCCI Asif Sheikh Javaid, Chairman KCCI’sSubcommittee for Diplomatic Missions and Embassies Liaison Shamoon Zaki andManaging Committee members were said to be present on the occasion.
Yuri Kozlov was quoted to have said that Russia was engaged in numerousprojects and was cooperating with Pakistan in the construction of north andsouth gas pipeline from Karachi to Lahore and also engaged in a project atJamshoro Power Plant for production of 600MW.
Russia was said to had also offered assistance in the expansion of PakistanSteel Mills while Russia’s Gazprom has also shown interest in financingIran-Pakistan (IP) gas pipeline project.
On the occasion compact discs carrying presentations of 200 Russiancompanies and details of the exhibitions scheduled to be staged in Russiathroughout the year were also handed to KCCI officials.
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It was said that all these Russian companies were keen to exploreopportunities in Pakistan whereas the business and industrial community ofKarachi Chamber should look into the possibility of participating innumerous trade exhibitions in Russia.
KCCI was suggested to send a trade delegation to Russia with a view toenhance the existing trade and investment cooperation between the twocountries.
Earlier, KCCI President, Junaid Esmail Makda mentioning that oil and gassector and heavy industries were the two promising areas for Russianinvestors.
Pakistan Steel Mills, he said can be turnaround through Russian assistance,he added emphasizing that Pakistani food exporters can capitalize on theban imposed by the Russian government on agricultural imports from Europeancountries.
Pakistan can export livestock, meat, apple, mango, citrus and seafood toRussian markets, he said.
Makda also suggested need to sign a MoU between the Karachi Chamber andMoscow Chamber to help improve business linkages between the two.
