ISLAMABAD: Russians are reportedly engaged with Special Investment Facilitation Council (SIFC) to discuss avenues of economic cooperation between Islamabad and Moscow, well informed sources told Business Recorder.
The issues which are under consideration are cooperation in the banking sector, which is considered important to organise mutual settlements between Russia and Pakistan, creation of correspondent accounts and branches of banks of the two countries on the territory of the two countries and connection of Pakistani banks to the Financial Messaging System of the Bank of Russia (SPFS).
Both sides are also interested in cooperation in the field of investment and barter trade and have exchanged the lists of the free trade zones. The rules of barter trade and the scheme of such type of trading operations between Pakistan and Iran/ Pakistan and Afghanistan and the main regulatory documents in Pakistan, as well as, a list of Pakistan companies that could be interested in entering into barter deals with companies from Russia.
Russian embassy says ‘closely following’ developments
The sources said both sides are in discussions on cooperation in the field of transport including cargo transportation through the port of Karachi. They are discussing cooperation on the creation and development of the International Transport of the “Quetta-Taftan” railway section within the framework of the “North- South” International Transport Corridor.
“Possibility for entering of port of Gwadar for Russian ships and organisation of direct flights between Russia and Pakistan is also on the cards,” the sources continued.
Both sides, sources said, are also considering preparation of the comprehensive plan for the development of the gas industry in Pakistan (general gas plan for Pakistan) and on a list of projects in the field of modernisation of energy generating capacities and an opportunity for Russian companies to participate in them and also about the Working Group on energy cooperation.
“Construction of the Iran-Pakistan gas pipeline and possible organisation of swap gas supplies from Russian is also under discussion between both countries,” the sources further added.
On industrial cooperation, the sources said, the interest of the Pakistani Side in the participation of Russian companies in the modernisation of transport infrastructure, heavy and light industry facilities, as well as, the creation of new enterprises.
Regarding expanding the supply of fertilisers, both sides have discussed Pakistan’s need for fertilisers, their types and the required amount and expansion of trade turnover in the field of mutual supplies of medicines and medical devices. Expansion of trade turnover in the field of mutual supplies of medicines and medical devices has also been considered. Both sides are also considering expanding the turnover of agriculture products, the list of investment projects of the agro-industrial complex of Pakistan on the bilateral agreement on pesticides and on the Pakistani corporate farming program.
Copyright Business Recorder, 2024
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