200 Russian companies interested to explore opportunities in Pakistan
- Russian companies interested to explore opportunities in Pakistan
- Russia’s assistance in Pakistan Steel Mills
- Discussions held at Karachi Chamber of Commerce and Industry
- President KCCI’s concern over nominal trade volume between Pakistan and Russia
During a meeting at KCCI, a top Russian leader told that some 200 Russian companies are interested to explore opportunities in Pakistan.
The time has come when more of Russian companies are ready to start exploring Pakistan for opportunities.
While addressing the meeting, the Trade Representative of Russia, Yury Kozlov, told that Pakistan and Russian have improved the bilateral trade to US$660 in the previous 10 months.
Including Russia’s Deputy Trade Representative Ruslan Aliev, the special meeting was attended by:
- KCCI President JunaidEsmailMakda
- Vice President Asif Sheikh Javaid
- KCCI’s sub-committee Chairman for Diplomatic Missions and Embassies Liaison ShamoonZaki
- Managing Committee members
By the end of this year, trade between both countries is expected to reach around US$750 to US$800 million, Russian Representative told.
Projects between Pakistan and Russia:
Currently, Pakistan and Russia are working together in numerous projects including:
- The construction of north and south gas pipeline from Karachi to Lahore
- A 600MW project at Jamshoro Power Plant
Assistance in Steel Mills:
The Representative told that Russia has also offered its aid to expand the production capacity of the Pakistan Steel Mills.
He added that Pakistan and Russia have huge potential in bilateral trade but due to the lack of direct banking channels, trade has not grown at the desired pace.
An agreement to improve bilateral trade:
In January last year, the State Bank of Pakistan and the Central Bank of Russian Federation signed an agreement, but the progress was too slow and nothing has happened.
Russian delegate gave details of 200 Russian companies:
The Russian delegate handed over the CDs carrying presentations of 200 Russian companies to the industrial community of the Chamber.
The CD’s also carried the details of the exhibitions scheduled to be staged in Russia throughout the year.
While handing over these, the Russian delegate said that these companies are strongly interested to explore opportunities in Pakistan.
Whereas the business and industrial community of the Chamber should look into the possibility of participating in numerous trade exhibitions in Russia, the Russian delegate said.
Kozlov also asked the KCCI to send a trade delegation to Russia in order to expand the existing trade and investment cooperation between Russia and Pakistan.
Nominal trade between Pakistan and Russia in 2017:
In 2017, Pakistan exported goods worth $280.69million and the nominal trade between both countries stood at around $600million. While the imports increased to $310.94m during the said period.
Concern over nominal trade volume – President KCCI JunaidEsmailMakda:
To this, President KCCI Junaid Esmail Makda earlier expressed concerns over nominal trade volume between the two countries.
He said that bilateral trade between Pakistan and Russia is growing at a slow pace and present trade volume does not reflect true trade potential between the two countries.
Main interests of Russian Companies:
He also said that oil, gas and heavy industries are the two promising areas for Russian investors. Whereas, Pakistan Steel Mills with zero production, has, unfortunately, become the dark side of Pakistan’s economy. But it can be improved through Russian assistance.
Pakistan can export livestock, meat, apple, mango, citrus, and seafood to Russian markets, he observed.
Further, there is a need to sign an agreement between the Karachi Chamber and Moscow Chamber which will improve business linkages and bring business communities of the countries close to each other.
The development is going to a major boost for Pakistan’s Economy. More and more foreign investors are showing interest in Pakistan since PTI has taken over the federal Govt.
The strong ties between Russia and Pakistan will create millions of jobs and the trade worth billions of dollars.
How do you see the Russian Companies coming to Pakistan? How do you see it in the short and long run? Do let us know about your opinion.
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