Russian Federation Ambassador Sergey N. Peskov has stressed the need for people-to-people contact to boost bilateral trade between Pakistan and Russia.
Speaking at a luncheon meeting, organised by Director of Pakistan-Russia Business Council and Chief Executive Officer (CEO) of Integrated Textile Network Muhammad Farooq Afzal at a local hotel on Tuesday, the Russian Ambassador said that there was much potential to increase the bilateral trade between the two countries. He underlined the importance of single country exhibitions in Karachi and Moscow to attract business community of both sides.
He said that Russia was a huge market, while Pakistan market too had much potential for Russian products. However, he said that the trade volume was not increasing, due to lack of information about of both the countries. He pointed out that they were talking at government level to find out more possibilities to increase bilateral trade volumes. "We have held a meetings with the Trade Development Authority of Pakistan (TDAP) and Trading Corporation of Pakistan (TCP) officials recently and discussed various aspects in this regard", he added.
While welcoming the guests, Muhammad Farooq Afzal said the Russian Federation was a market of great importance, with its population of 145 million people and its annual purchasing power of 1,000 billion dollars. This massive population, together with the neighbouring countries, formed a potential market in the field of textiles and garments, rice, leather, sports goods, surgical equipment and pharmaceuticals.
Similarly, Pakistan was also a lucrative market for Russian products, ie agricultural and industrial products, water and power, oil and gas, chemicals, fertiliser, wood pulp, iron and steel etc. He appreciated the positive shift in the trade policy of Pakistan towards Russia with the result that bilateral trade was gaining momentum, which was stagnant in the past due to the influence of global politics.
The trade volume, which was registered at 67 million dollars in 1998-99, had now reached more than 500 million dollars in 2006-07 and a similar trend was also being witnessed in the current fiscal year, he added.
He said that although the current development in bilateral trade relations was encouraging, still there existed immense potential, which was yet to be explored. Russia was an important market of more than 1,000 billion dollars in which Pakistan's share was just 0.04 percent.
He said that despite of having tremendous opportunities in both the countries, the business community of both the countries were not availing them properly due to lack of knowledge about market potential in both the countries and absence of an active business forum or platform from where the traders could operate activity and aggressively to avail the business opportunities existed in both the countries.
He asked the Pakistani business community to come forward for the promotion of bilateral trade relations between the two countries. Meanwhile, leading businessmen, representing different trade bodies gave many suggestions for increasing bilateral trade.
They said that exchanging more trade, cultural and media delegations could increase the bilateral trade. They also said that there was a need for daily flights, while some of them were of the view that continuous talks at government level should be continued to increase the bilateral trade between the two countries.
The Consul General of Russia in Karachi Vladimir V. Seliverstov and head of Russian Trade Representation in Karachi Vitaly A. Glinkin were also present on this occasion. They assured the Pakistani business community that they would provide all possible support to promote both the markets both sides. A number of dignities from business community attend the meeting.
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