FAISALABAD: More than 50 Russian companies are searching for direct investment opportunities in Pakistan after the inking of agreement for a $2 billion gas pipeline project, said Yury M Kozlov, Trade Representative of the Russian Federation.
Speaking to business community at the Faisalabad Chamber of Commerce and Industry (FCCI), Kozlov stressed that governments of the two countries were already making positive efforts to strengthen the trade relations and in this connection the Karachi-Lahore gas pipeline scheme was the most recent development.
He voiced hope that the pipeline would play an important role in attracting other Russian companies to pour capital into different projects besides launching joint ventures with Pakistani counterparts.
Calling Pakistan Steel Mills the hallmark of economic partnership between Islamabad and Moscow, he said Russia had also helped to construct Muzaffargarh and Guddu power stations, thus playing a role in addressing the energy woes of Pakistan.
“Many Russian firms are interested in large, medium and small ventures; no doubt major projects will be launched with the understanding of the two governments while private investors could start small and medium projects in collaboration with local businessmen,” he said.
Many Russian companies are also looking at engaging in oil and gas exploration in Pakistan.
Citing the economic sanctions slapped by the Russian Federation on some countries, Kozlov asked Pakistan’s exporters to come forward and fill the gap by shipping goods, particularly textile products, to the Russian market.
He also responded to queries of the FCCI members, saying there were some financial and banking issues which would be resolved very soon at the government level.
Speaking on the occasion, FCCI President Chaudhry Muhammad Nawaz pointed out that trade between Pakistan and Russia stood at $155.31 million in 2014, of which exports from Pakistan were worth $135.40 million against imports valuing $20.91 million. The balance of trade was in Pakistan’s favour.
He, however, said exports from Pakistan had a minuscule share in total imports of the Russian Federation which were around $286 billion. “The point of worry was the negative growth of 11% per annum from 2010-14.”
Published in The Express Tribune, December 31st, 2015.
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