ISLAMABAD: Pakistan and Russia have finally decided to enhance their economic and trade cooperation after a limbo of 25 years.
Board of Investment (BOI) Chairman, Saleem H. Mandviwala and Russian Ambassador, Budnik Andrey made this announcement at a joint news conference here on Wednesday.
The Russian Ambassador said Russia considered Pakistan as a key player for economic development in the region.
“We want to develop our economic cooperation with Pakistan” he said.
He said that Russia was also keen to built defense cooperation with Pakistan.
“We are ready to develop roads, railways and gas pipelines in Pakistan as well as those that link with other countries in the region”, he said
The Chairman revealed that both countries have decided to establish a Joint Ministerial Commission, to devise a mechanism for promotion of economic and trade relations. He viewed the signing of bilateral investment treaty, joint investment council, joint financial company, avoidance of double taxation treaty and preferential trade agreement as catalysts in further strengthening bilateral economic relations.
Mandviwala, who recently visited Moscow, said Russian companies have shown an enormous will to investment in Pakistan.
“General Satellite, a telecommunication company’s delegation has even reached Islamabad to look for investment opportunities in home TV technology in Pakistan”.
The world largest aluminum company, RUSAL is ardent to invest in exploring aluminum reserves in Khushab district in Punjab, while a Russian power company, Rao Ues showed interest to set up a 200MW power plant in Pakistan, he said.
He further said that Russian VTB banking group had assured timely finances to Pakistan in the field of hydropower and other areas, while Tyazhprom Export, the company that built Pakistan Steel Mill is eager to participate in the planned capacity expansion of the mill.
