PESHAWAR - Russian Ambassador to Pakistan Alexey Y Dedov said that trade volume between Russia and Pakistan has improved and it would be strengthened by increasing exchange of business to business delegations.
He was speaking at a gathering of the Sarhad Chamber of Commerce and Industry (SCCI) Peshawar on Monday.
He said Russia was ready to revamp the Pakistan Still Mill (PSM), but the government was yet unclear about its actual plan whether to privatize it or give it on lease.
SCCI President Zahidullah Shinwari, executive members, businessmen and traders and Honorary Consul General of Russian Consulate in Peshawar Arsala Khan were present on the occasion.
Flanked by Trade Representative Yury M Kozlov and officials of the Russian Embassy in Islamabad, the envoy said that Russian companies were taking keen interest in making investment in Pakistan.
He also said the exchange of business delegations and taking each other's experiences vital to further boost economic ties between the Russia and Pakistan. The official further said that Russian companies started various projects like establishment of Oil Refinery in Kohat area of Khyber Pakhtunkhwa, and interventions in energy, mining, information technology and other potential sectors in Pakistan.
He informed that bilateral trade volume between Pakistan and Russian already increased from $ 400million to $541 million in a short span of time, which would further be improved.
However, the establishment of business to business contact is vital in this regard, the ambassador said.
"We are moving towards greater economic cooperation, which would have long-lasting impacts on the economic relations of the two countries, the diplomat said, adding initiatives have been taken to boost-up trade and economic ties between the two countries.
Dedov said that proposals were floated to remove the bottleneck and impediments in way of bilateral trade and economic ties between the two countries.
Later on, talking to journalists the diplomat expressed optimism to further boost trade and economic relations between Russia and Pakistan.
In reply to a query, the Russian envoy said that peace and stability was vital for revival of trade and economic activities in the neighboring Afghanistan.
He said the establishment of favourable environment can only boost the foreign investments in Afghanistan.
Earlier, the SCCI president, Zahid Shinwari in his address invited the Russian companies for making investments in the hydropower sector, installation of oil refineries and other potential sectors in Khyber Pakhtunkhwa.
He hoped that bilateral trade would further be enhanced by exchanging frequent exchange visits of business delegations.
Shinwari also said that there was great potential for bilateral trade in automobiles, construction, agriculture, energy, IT, steel, furniture, household equipment, textiles, meant and dairy sectors in Khyber Pakhtunkhwa.
Besides, on the occasion the businessmen were pointed out various issues, which are impeding bilateral trade and economic relations between Pakistan and Russia.
The diplomat assured that Honorary Consulate of Russia in Peshawar has already been established, which would take up the issues of the business community for an amicable resolution.
