islamabad

Ambassador of Russian Federation Alexey Dedov and other officials from Russian Embassy called on Finance Minister Senator Muhammad Ishaq Dar here on Wednesday.

They discussed with the Finance Minister modalities about the Pak-Russia Inter Governmental Commission (IGC) meeting. Ambassador Alexey Dedov said it was important to develop bilateral ties on strong economic footing with due emphasis on investment and trade. Both sides expressed the hope that the IGC meeting would help attain this objective and forge overall economic cooperation. Ambassador Alexey said they looked forward to the Finance Minister’s visit to Russian Federation to take part in the IGC.

Detailed discussion was also held on longstanding dispute between trade and business concerns of both countries regarding settlement of payments/dues. Finance Minister Ishaq Dar said though it was primarily a dispute between the private sector companies of the two countries yet the Government would provide all possible facilitation to reach an amicable solution. Both sides observed that this dispute had been impeding the growth of economic cooperation between the two countries and its early resolution was need of the hour.

Finance Minister on this occasion also said that Pakistan encouraged foreign investment in the energy projects. He said with all its expertise and know-how, the Russian side could contribute in energy sector development. He welcomed Russian participation in energy sector in Pakistan.

Muhammad Jehanzeb, Secretary Finance Punjab gave a brief presentation on the various issues being faced in the completion of the project. Finance Minister said, “We will make all possible efforts permissible under the rules and regulations to resolve the issues.” The Minister further directed Raja Hasan Abbas, Secretary Ministry of Industries and Production to make a complete case regarding the project along with proposed solutions and bring it in the Economic Coordination Committee of the cabinet for approval.