Finance Minister Ishaq Dar has urged business to take advantage of huge potential for export of food items to the Russian Federation.
Addressing a news conference in Islamabad on Tuesday, he said Russia had banned agricultural products from Europe in reaction to sanctions imposed on his country providing a window of opportunity to their farmers and businessmen.
He said Russia used to import agricultural products worth 16 billion dollar from Europe and Pakistan could capture a share from it. The minister said during his recent visit to Russia, fruitful talks were held for mutual cooperation in trade, industry and investment. He said the Russian company that set up Karachi Steel Mills offered to extend support for restructuring of the mills and its expansion programme.
A Russian bank offered one billion dollar for restructuring of the Mills and other projects.
Ishaq Dar said Pakistan had proposed to the company to consider joining a strategic partner in the Steel Mills through a transparent process. He said the two countries had also agreed to promote cooperation in the banking sector.
He said the government had offered to facilitate resolution of 17 year old trade dispute between private sector of Pakistan and the Russian government by next month. He said Russia had also offered cooperation in CASA-1000 and TAPI gas pipeline projects.
The finance minister expressed the confidence that the target of 15 billion dollar foreign exchange reserves would be achieved by 31st of this month.
