Direct banking channels vital to enhance trade between Pakistan, Russia

LAHORE: Pakistan and Russian trade can be enhanced to a record high level if direct banking channels were established between the two countries.

These views were expressed by Russian Ambassador to Pakistan Mr Alexey Yuievich Dedov while talking to the Lahore Chamber of Commerce and industry (LCCI) President Almas Hyder, Senior Vice President Khawaja Shahzad Nasir, Vice President Fahim-ur-Rehman Saigal and Executive Committee members here at the chamber.

To a question, the Russian ambassador said that if the direct banking channels were set up, the trade volume could be further enhanced.

LCCI President Almas Hyder said that among the overall import and export destinations of Pakistan, Russia came at 31st and 32nd places, respectively.

It was encouraging to see that our bilateral trade relations were consistently improving.

He said that Pakistan was exporting citrus fruit, articles of apparel, rice, woven fabric, hosiery items, sports goods, and home textiles etc to Russia.

The major imports from Russia to Pakistan were dried vegetables, newsprint, coal, synthetic rubber and ferrous waste and scrap of iron or steel etc.

The LCCI president said that Russia had earned a distinctive status in the field of modern technologies and Pakistan could benefit by way of establishing closer ties with Russia.