PESHAWAR: The bilateral trade between Pakistan and Russia has shown an increase of 33 per cent during the last one year, but still there is a lot of potential for increasing business between the two countries.
This was said by Ambassador of Russia, Alexey Yurievich Dedov while speaking to the business community of Khyber Pakhtunkhwa (KPK) during his visit to Sarhad Chamber of Commerce and Industry (SCCI) on Monday.
SCCI President Zahidullah Shinwari, Russian Embassy Trade Commissioner Yuri Kozlov, SCCI Senior Vice President Muhammad Naeem Butt, ZRK Group of Industries Chairman Zahid Rahim Khan and presidents of Swat Chamber and Charsadda Chamber besides other businessmen were present on the occasion.
Talking to businessmen, the Russain ambassador said the bilateral trade between Pakistan and Russia is low, but it is showing an increase.
In the previous year, he continued, the trade between the two countries was recorded at $400 million which has now increased to $541 million.
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.
Alexey Yurievich also disclosed that Russian Embassy is opening Consul General office in Peshawar on Monday and he will perform the inauguration and assured that 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 Russain investors are showing interest in Pakistan and recently a company has signed an agreement for the establishment of an oil refinery in KPK. Another company has expressed consent to participate in modernisation of Pakistan Railway, he added.
Speaking on the occasion, Honorary Consul General of Russia in Peshawar, Arsala Khan assured the business community of KPK of full cooperation and support to promote bilateral trade.
Earlier in his welcome address, SCCI President Zahid Shinwari 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,” Shinwari suggested.
He further said that Pakistan can take advantage of Russian import of $16 billion agricultural products by exporting organic agricultural products.
