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Russia and Pakistan land route connectivity boosts trade volume, says Federal Minister for Privatization, Board of Investment & Communication, Mr. Abdul Aleem Khan
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Pakistan-Russia Trade and Investment Forum Opens in Moscow to Foster Bilateral Trade Cooperation
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Some 70 companies from Pakistan and more than 100 entrepreneurs of Russia are participating in the Pakistan-Russia Trade and Investment Forum in Moscow
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“There is a vide scope of Joint Ventures between Russia and Pakistan based on mutual business activities”, says Federal Minister for Privatization, Board of Investment & Communication, Mr. Abdul Aleem Khan
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Pakistan’s open investment regime invites Russia to expolore opportunities, Minister.
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Abdul Aleem Khan lauds the role and efforts of the Deputy Minister of Trade and Industry of Russia Alexey Gruzdev for enhancing bilateral relations.
By: Muhammad Arif, Editor NSN.Asia
Moscow: The Pakistan-Russia Trade and Investment Forum, aimed to foster bilateral trade relations between Pakistan and Russia, was held in Moscow, Russia, on 01 October, 2024.
Led by Federal Minister for Privatization, Board of Investment & Communication, Mr. Abdul Aleem Khan, a delegation of 60 Pakistani companies participated in the forum, seeking to strengthen economic ties and explore new business opportunities.
The inaugural Pakistan-Russia Trade and Investment Forum marks an important moment in the economic relationship between the two countries, according to official sources of Pakistan embassy in Russia.
Addressing the opening session of Pakistan-Russia Trade & Investment Forum in Moscow, Federal Minister Abdul Aleem Khan further said that during the last one year, trade volume between Pakistan and Russia was more than 1000 million dollars as we are associated with each other and have connectivity via land route as both countries have now implemented the Transportation Agreement.
While appreciating the holding of Trade and Investment Forum in Moscow, Abdul Aleem Khan said that Pakistan and Russia have longstanding diplomatic, trade and mutual relations which can be further enhanced as the population and markets are increasing day by day.
Federal Minister for Board of Investment Abdul Aleem Khan further said that Pakistan has prepared a roadmap for the next 5 years for trade with Russia especially in exports and the purpose of this Forum is also to promote business to business activities for both countries.
In his address, Abdul Aleem Khan mentioned the recent meeting between Russian President Vladimir Putin and Pakistan Prime Minister Mian Shehbaz Sharif and said that we want to make Pakistan a hub of trade & transit and after improving the visa regime and adding regional cooperation both the countries have to minimize the tariff and non-tariff barriers.
He said that Pakistan exports to Russia include leather, textiles, fabrics, fruits, rice, vegetables, surgical & medical equipments. Similarly, different appliances, cutlery, ready-made garments and other products are also exported to Russia from Pakistan. He mentioned that from Russia we import crude oil, mineral coal, frozen vegetables, synthetic rubber and various chemicals.
Federal Minister Abdul Aleem Khan said that from the platform of this august forum, the business community of both the countries can be brought closer together so that the trade volume at the country level can be increased. He welcomed the participation of 70 companies from Pakistan and more than 100 entrepreneurs of Russia in the Trade & Investment Forum.
Abdul Aleem Khan especially expressed thanks and lauded the role and efforts of the Deputy Minister of Trade and Industry of Russia Alexey Gruzdev who has played his best role to enhance bilateral relations.
Minister also appreciated the efforts of Pakistan’s Ambassador to Russia Muhammad Khalid Jamali and Trade Minister Shaukat Hayat have also remained active to organize this business forum in Moscow.
- Pakistan and Russia sign first-ever barter trade deal
Pakistan and Russia sign first-ever barter trade deal: on the sidelines of the Pakistan-Russia Trade and Investment Forum being held today in Moscow, the first-ever MOU on barter trade was signed between Russian company LLC “Astarta Agrotrading” and Pakistani firms Meskay & Femtee Trading Company and National Fruit Processing Factory.
The sides entered into agreements for the exchange of goods, including chickpeas, rice, mandarins, potatoes, and red lentils.
Earlier, Deputy Prime Minister of the Russian Federation, Alexei Overchuk, led a high-level delegation to Pakistan on 18-19 September 2024.
Deputy Prime Minister Overchuk held meetings with the President, the Prime Minister and the Deputy Prime Minister and Foreign Minister of Pakistan to bolster the bilateral cooperation in trade and economic sectors.
Pakistan and Russia enjoy cordial relations based on goodwill, amity and trust, which is reflected in the multi-faceted bilateral cooperation including in trade, energy and connectivity.
Pakistan and Russia Bilateral Cooperation, Connectivity.
According to news sources, the total trade between Pakistan and Russia amounted to $920 million in the fiscal year 2022-23. Pakistan’s exports to Russia during this period totaled $74 million, while imports from Russia reached $846 million. Pakistan’s exports to Russia encompass a diverse range of products, including citrus fruit, leather apparel, ready-made garments, potatoes, home textiles, woven cotton fabrics, surgical and medical apparatus, woven fabric of synthetic staple fiber, and salt, among others. Whereas, key imports from Russia to Pakistan consist of wheat and meslin, dried leguminous vegetables, bituminous coal, and similar solid fuels manufactured from coal.
In recent years, positive developments in bilateral trade have taken place reflecting Pakistan’s commitment to facilitate an environment conducive to robust economic cooperation. The visist of Russian delegation to Islamabad marks another step towards realizing the full potential of trade ties between Pakistan and Russia.
Geopolitical experts have expressed optimism for the future, stating, official discussions have set the stage for a brighter economic partnership with Russia. Pakistan looks forward to expanding trade, opening up new avenues for cooperation, and further strengthening the longstanding bonds of friendship between our two countries.”
