Trade & investment: Islamabad, Moscow urged to make efforts under IGC roadmap

Trade Representative of Russia Yury Kozlov Thursday said that Pakistan and Russia have good chances to enhance the existing trade and investment cooperation therefore it was very necessary to make joint efforts under the roadmap which has been agreed at the Sixth Session of the Russia-Pakistan Inter-Governmental Commission held last year in December.

Speaking at a meeting Karachi Chamber of Commerce and Industry (KCCI), he said that in order to improve the existing trade ties, there is a need to exchange more delegations, participation in exhibitions, fairs and conferences being held in Pakistan and Russia on economic and investment issues.

Yuri Kozlov informed that Russia was engaged in numerous projects and was cooperating with Pakistan in the construction of north and south gas pipeline from Karachi to Lahore and also engaged in a project at Jamshoro Power Plant for production of 600MW.

While handing over CDs carrying presentations of 200 Russian companies and details of the exhibitions scheduled to be staged in Russia throughout the year, he said that all these Russian companies were keen to explore opportunities in Pakistan whereas the business and industrial community of Karachi Chamber should look into the possibility of participating in numerous trade exhibitions in Russia.

He asked KCCI to send a trade delegation to Russia with a view to enhance the existing trade and investment cooperation between the two countries.

President KCCI, Agha Shahab Ahmed Khan said that the bilateral trade between Pakistan and Russia is expanding but at a relatively slow pace and present trade volume does not reflect true trade potential between the two countries.

Highlighting the potential areas of enhancing cooperation between Pakistan and Russia, he said that oil & gas sector and heavy industries were the two promising areas for Russian investors. "Pakistan Steel Mills, which has unfortunately become the dark side of Pakistan's economy with zero production, can be turnaround through Russian assistance," he added.

He was of the opinion that both countries will have to make collective efforts and enhance their cooperation in a more aggressive manner in order to achieve good growth rate during the ongoing challenging era in which most

of economies around the world were underperforming mainly due to rising oil prices.

He further stressed the need to sign a Memorandum of Understanding between the Karachi Chamber and Moscow Chamber which would improve business linkages and bring business communities of the countries close to each other.

Agha Shahab also requested the Russian Trade Representative to participate in 17th My Karachi Exhibition scheduled to be organized in the month of April at Karachi Expo Center which would provide a perfect opportunity to display and disseminate information about Russian products and services to one million visitors who throng into the Expo Center during all three days of the exhibition. "It will also be an idea platform to understand the Pakistani retail market and a perfect venue for holding Business-to-Business meetings," he added.

Senior Vice President KCCI Arshad Islam, Vice President KCCI Shahid Ismail, Chairman KCCI Sub-committee for Diplomatic Missions & Embassies Liaison, Shamoon Zaki and other Managing Committee members attended the meeting.