Pakistan, Russia solidify their bond with economic cooperation

Minister for Planning and Development, Ahsan Iqbal has said Pakistan and the Russian Federation are set to move towards into a new phase of cooperation, where their economic relations are expected to bolster in the days ahead.

With a long history of bilateral ties, Russia has now opened new doors of cooperation with Pakistan in the areas of energy, security and defence, he added.

The minister for planning and development expressed these views while speaking as a chief guest at a reception hosted by Ambassador of the Russian Federation to Islamabad Alexey Y. Dedov on the occasion of the Day of Russia at a local hotel Thursday.

He said Pakistan being a country of 200 million people had a strategic location in South Asia, while its economy was poised to take off, adding, that the top credit rating agency Moody has once again upgraded Pakistan.

The minister said Pakistan was committed to regional cooperation and working for peace in the region.

The Ambassador of the Russian Federation on this occasion also gave away an award to the Russian Honorary Consul General in Lahore, Habib Ahmed for his services to enhance cooperation between the two countries.

The Russian Honorary Consul General in Lahore, Habib Ahmed in his brief remarks said he was proud to get award and thanked Russian President Vladimir Putin.

He said the Russian Federation has now come forward to support Pakistan in the fields of education, health and other technical areas.

Earlier, the Minister for Planning and Development joined the Ambassador of Russia in cutting the cake to mark the occasion. National anthems of the two countries were also played.

The reception was attended among others by politicians including Chaudhry Shujaat Hussain, Mushahid Hussain Syed, Ambassadors of Muslim and Western countries besides members of the community.

The aggregate bilateral trade between Moscow and Islamabad was $460 million in last two years. The main reason for drop in trade for this period was a drastic fall of Pakistani demand for importing Russian iron and steel as it used to be $60 million which slumped to $17 million per year.

However there were some “positive trends” as Pakistan was exporting toys and sports goods to Russia while Russian honorary consul in Lahore Habib Ahmed had been engaged in organising tourists and businessmen trips between the two countries to bolster bilateral trade.

Russia and Pakistan are engaged in negotiations to ink the Free Trade Agreement but there was a lot of work to be done in this regard.