ISLAMABAD, MAR 6 /DNA/ – Atif Ikram Sheikh President FPCCI and Albert Khorev, Russian Ambassador to Pakistan have agreed to increase bilateral trade. Both sides reaffirmed their commitment to fostering stronger cooperation to increase the bilateral trade volume. This commitment reflects the shared interest in fortifying the enduring friendship and economic partnership between the two countries.
Albert Khorev Russian Ambassador to Pakistan and Mr. Pavel B. Burlakov, Acting Trade Representative, yesterday visited the Federation of Pakistan Chambers of Commerce & Industry Capital Office in Islamabad and met Mr Atif Ikram Sheikh President of FPCCI, Mr. Kairm Aziz Malik Chairman and Malik Sohail Hussain Chairman Coordination FPCCI & other members. During the meeting, the matters of enhancing cooperation in diverse fields, including tourism, trade, investment, technology, and exchange of business delegations were discussed.
On this occasion, President FPCCI Mr Atif Ikram Sheikh said that the total bilateral trade amounted to $666.85 million in 2022-23. He said that Pakistan possesses trade potential in various product categories for export to Russia, including USD $ 3.2 billion worth of Knitted apparel and USD $ 987.3 million worth of cotton products. Additionally, opportunities exist to export leather apparel, citrus fruits, vegetables, salts, and primary polyethylene to Russia.
Atif Ikram Sheikh further said that Pakistan’s exports to Russia encompass a diverse range of products, including citrus fruit, leather apparel, ready-made garments, potatoes, home textiles, woven cotton fabrics, surgical and medical apparatus, woven fabric of synthetic staple fibre, and salt, among others. Key imports from Russia to Pakistan consist of wheat and meslin, dried leguminous vegetables, bituminous coal, and similar solid fuels manufactured from coal. he said, adding Pakistan looks forward to expanding trade, opening up new avenues for cooperation, and further strengthening the longstanding bonds of friendship between the two countries.
President FPCCI Mr. Atif Ikram Sheikh invited Russia to take advantage of CPEC by developing road network in Wakhan corridor for linkages with Lowari tunnel for exporting items and boosting trade through the warm water with the gulf region.
“Russia is the world’s second and third largest producer of gas and oil respectively and we can learn and take guidance from Russian technology and experience in enhancing gas and oil exploration and production,” Atif Ikram suggested.
Mr. Karim Aziz Malik, Chairman of the Capital Office, said that there is a huge trade and investment potential between Pakistan and Russia. “Enhancing economic trade and investment relations is a prime priority of Pakistan. He further said that Russia valued its relations with Pakistan and both countries had a “good level of cooperation and aimed to enhance it further.” He said there is a “great potential between both economies that needed to be explored more.
Malik Sohail Hussain emphasizes and advocates border trade with Russia and a currency swap agreement and said that Pakistan could export many products to Russia including textile goods, pharmaceuticals, surgical instruments, IT products and services, sports goods, leather products, fruits and vegetables. He further said that the business community could play an important role in forging stronger relations between the two countries. He emphasized evolving institutional mechanisms to promote economic and commercial cooperation as well as to enhance awareness about trade and investment opportunities available in the two countries
Russian Ambassador to Pakistan H.E. Albert Khorev invited Pakistani businessmen to explore huge untapped Russian market where their merchandise could get a good place for having good quality. He said both countries should take sector-specific measures to enhance mutual trade that did not reflect its potential. He said there is a great potential for increasing trade between the two countries and for this purpose contact between the two governments, businessmen and people needs to be increased.
H.E. Albert Khorev assured that the Embassy of Russia will cooperate to increase bilateral trade and will help Pakistan in investment promotion, shifting of modern machinery, development in Oil and Gas exploration, mining, transport, and hydel power generation. He said Russian investors are showing interest in Pakistan.
