Lahore - Ambassador of Russia to Pakistan Alexey Yurivich Dedov has invited the Pakistani businessmen to explore huge untapped Russian market where Pakistani merchandise can get a good place for being of good quality.

He was talking to the LCCI Senior Vice President Almas Hyder, Vice President Nasir Saeed and Executive Committee Members here at the Lahore Chamber of Commerce & Industry.

Both the countries should take sector specific measures to enhance the mutual trade that does not reflect the existing potential, Russian Ambassador said.

The Diplomat expressed the optimism that both Pakistan and Russian businessmen could enter into joint ventures to benefit each other in their respective businesses and could take to level of bilateral trade to new heights with a little sector specific effort.

He said that the Russia has a lot to offer to Pakistani business community while Pakistani businessmen could learn a lot from Russians for the technological upgradation of their industrial units.

Speaking on the occasion, the LCCI Senior Vice President Almas Hyder said that Pakistanis are grateful to Russian Federation for helping Pakistan establish a mega steel mill at Karachi, which has played a crucial role in the development of the country. Today, this steel mill is the biggest source of steel products catering to the demand of the country and value addition for related products. But since then no major initiative has been taken by Russian Federation.

The LCCI Senior Vice President said that both the countries need to warm up their relations for mutual benefit of people and to play an overwhelming role in international arena on a sustainable basis.

He said that Pakistan’s share in total foreign trade of Russia is very insignificant while trade balance is also in the favor of Russia. He said that though bilateral trade between the two countries was increasing gradually but it was not satisfactory and there was a lot of scope to enhance mutual trade volume. 

He said that Russian Federation is a market of great importance for Pakistan with massive population together with neighboring countries. He said that Pakistan could export textile, garments, rice, leather, sports goods, surgical equipments and pharmaceutical to the Russian Market while Russia can enhance export of power equipment, steel, urea, chemicals etc to Pakistan.

He said that oil and gas sector in Pakistan offers great opportunities to Russia which has the requisite experience and technology in this field. He said that Russia could evaluate the possibilities of collaboration with Pakistan for mining of marble and granite as well.

The LCCI Vice President Nasir Saeed said that the private sector of Pakistan could definitely take the lead in exporting various types of consumer goods to Russia and in return Pakistan could supply all types of textile goods, leather & leather products, surgical goods, sports goods, agro-based products & food items, fresh fruits & vegetables, fish & fish preparations, carpets & rugs, pharmaceutical products etc. He said that Russia could also help in introducing Pakistani products in the areas of its influence.

Nasir Saeed said that the profiles of Pakistani and Russian economies suggest brighter chances for joint ventures in sectors like food processing, oil, gas & mineral exploration, energy, engineering (heavy & light), transport equipments, automobiles, tractors, harvesters, machine tools, cement, fertilizers, industrial chemicals, plastic & rubber products, home appliances etc. where Russian are the advance stage of development.