KARACHI: Karachi Chamber of Commerce and Industry, and a trade representative from the Russian Federation, Yury Kozlov, have underlined the need for exploring more areas of cooperation between Pakistan and Russia.
Yury Kozlov said trade and investment cooperation in the two countries had been improving but it did not match to the potential on both sides, said KCCI press release here on Thursday.
Exchanging views with President KCCI Muffasar Atta Malik, the Senior Vice President Abdul Basit Abdul Razzak and KCCI Managing Committee members at the chamber, Yury Kozlov informed that Russia was keen to enhance trade and investment cooperation in various sectors including energy sector, construction and industrial machinery, mines, metallurgy, railways engineering, pharmaceutical products, medical equipment, LED lighting systems, fertilizers and chemicals, water management and irrigation facilities, unmanned aircraft, drones and food products etc.
He said that they have witnessed improvement in exchange of trade delegations between the two countries but more such delegations were required to enhance the existing trade and investment cooperation.
He advised Karachi Chamber to line up trade delegations to Russia to explore trade opportunities and improve ties with Russian counterparts.
Agreeing to Karachi Chamber’s concerns over lack of direct banking channel hindering trade between the two countries, Yury Kozlov said that the absence of direct banking channel was a problem which had to be addressed by the two countries.
He informed that Russia was already cooperating with Pakistan in the construction of North and South gas pipelines and was also engaged at Jamshoro Power Plant. However, he said, this cooperation had to be expanded to other sectors as well.
While handing over a CD carrying presentations of 150 Russian companies to President KCCI, Yuri Kozlov said all those companies were keen to explore opportunities in Pakistan.
President KCCI Muffasar Atta Malik, in his welcome comments, said that KCCI was keen to strengthen trade ties and explore new bilateral trade prospects with Russia.
Muffasar Malik said that many countries have been taking keen interest in China Pakistan Economic Corridor (CPEC) which would lead to improved regional economic integration.
He said the CPEC special economic zones would provide tax holiday up to ten years to the foreign investors. Russian investors also must take advantage of the situation by either sole investment or undertaking joint ventures in CPEC-related projects.
Pakistan also could seek Russian assistance in the field of communication, irrigation, atomic energy, transport and infrastructure, KCCI President said.