Islamabad:. Mr. Atif Ikram Sheikh President FPCCI and H.E. Albert Khorev, Russia’s ambassador to Pakistan, agreed to increase bilateral trade. Both sides reaffirmed their commitment to promote stronger cooperation to increase the volume of bilateral trade. This commitment reflects the common interest in cementing the lasting friendship and economic partnership between the two countries.
HE. Albert Khorev Russian Ambassador to Pakistan and Mr. Pavel B. Burlakov, Acting Trade Representative visited the Federation of Pakistan Chambers of Commerce and Industry Capital Authorities in Islamabad yesterday and met Mr. Atif Ikram Sheikh, President FPCCI, Mr. Kairm Aziz Malik, Chairman and Malik Sohail Hussain Chairman Coordination FPCCI and other members. During the meeting, issues of strengthening cooperation in various fields, including tourism, trade, investment, technology and exchange of business delegations were discussed.
Speaking on the occasion, FPCCI President Mr. Atif Ikram Sheikh said that the total bilateral trade has reached USD 666.85 million in 2022-23. He said Pakistan has business potential in various product categories for export to Russia, including knitwear worth $3.2 billion and cotton products worth $987.3 million. In addition, there are opportunities to export leather garments, citrus fruits, vegetables, salt and primary polyethylene to Russia.
Atif Ikram Sheikh further said that Pakistan’s exports to Russia include a diverse range of products, including citrus fruits, leather garments, ready-made garments, potatoes, home textiles, woven cotton fabrics, surgical and medical instruments, synthetic staple fiber fabrics, and salt, among others. . The key imports from Russia to Pakistan are wheat and sorghum, dried pulses, bituminous coal and similar solid fuels made from coal. he said, adding that Pakistan looks forward to expanding trade, opening new avenues for cooperation and further strengthening the long-standing friendship between the two countries.
FPCCI President Mr. Atif Ikram Sheikh urged Russia to take advantage of CPEC by developing a road network in the Wakhan Corridor to connect with the Lowari Tunnel to export goods and boost warm water trade with the Persian Gulf region.
“Russia is the world’s second and third largest producers of gas and oil, and we can learn and take instructions from Russian technology and experience in improving gas and oil production and extraction,” suggested Atif Ikram.
Mr. Karim Aziz Malik, Chairman Capital Authority said that there is huge trade and investment potential between Pakistan and Russia. “Improving economic trade and investment relations is a top priority for Pakistan. He further said that Russia values its relations with Pakistan and the two countries have “a good level of cooperation and aim to further strengthen it”. He said there is “a lot of potential that needs to be explored more” between the two economies.
Highlighting and advocating border trade with Russia and currency swap agreement, Malik Sohail Hussain said Pakistan could export many products to Russia including textile goods, pharmaceuticals, surgical instruments, IT products and services, sports goods, leather goods, fruits and vegetables . He further said that the business sector could play an important role in creating stronger relations between the two countries. He highlighted the evolving institutional mechanisms to promote economic and trade cooperation as well as raise awareness of trade and investment opportunities available in the two countries.
Russian Ambassador to Pakistan H.E. Albert Khorev invited Pakistani traders to explore the huge untapped Russian market where their goods could get a good place for good quality. According to him, both countries should take specific sectoral measures to strengthen mutual trade, which do not reflect its potential. He said that there is great potential for increasing trade between the two countries and for this there is need to increase contacts between the two governments, traders and people.
HE. Albert Khorev assured that the Embassy of Russia will work together to increase bilateral trade and help Pakistan in promoting investment, moving modern machinery, developing oil and gas extraction, mining, transportation and power generation. He said that Russian investors are showing interest in Pakistan
