ISLAMABAD  - The bilateral trade between Ukraine and Pakistan is around $180 million which was very low as compared to potential and needs to further improve.

Volodymyr Lakomov, Ambassador of Ukraine in Pakistan, made these remarks in a meeting with Yassar Sakhi Butt, President, Islamabad Chamber of Commerce and Industry (ICCI) on Monday.

He aid that Pakistan and Ukraine have great potential of trading and investment in many sectors, which are needed to be exploited through greater co-operation between the two countries.

He said that Ukraine is rich in mineral, energy resources and mechanical products like airplanes, turbines, locomotives and tractors.

He said that Ukraine is exporting many products to Pakistan comprising flat and rolled products of iron, oil seeds, potassium fertilizers, urea, bars and rods and other steel articles. He said that Ukrainian businessmen have also signed various MoUs with its Pakistani counterparts to promote cooperation between the business communities of Ukraine and Pakistan in the fields of trade, investment, technologies and services.

Ambassador of Ukraine said that exports from Pakistan to Ukraine have shown a substantial increase and currently Ukraine has emerged as one of the biggest market for Pakistani kinnows. He said that Pakistan should develop new varieties of fruits that meet the demand of other international markets as well.

ICCI President highlighted that tremendous investment opportunities were available in the power, oil & gas, mining, pharmaceutical, textile and agriculture sector. He said that marble and granite were fast growing sectors in Pakistan with huge investment potential. ICCI President invited Ukrainian counterparts to Pakistan for investment and transfer of technology to take advantage of these opportunities.

He has shown interest in signing MoU with Kiev chamber of Commerce and Industry aimed at promoting trade and commerce between the two countries, so that in long-run both the chambers could exchange information on economic and commercial matters and identify possible joint venture partners in their respective countries.

Faisal Sakhi Butt further informed the Ambassador that ICCI has planned to organize an International Industrial Expo in the Federal Capital this year to promote the export of country’s industrial products. He said that Businessmen from all over the World would also be invited to this Expo that would give a boost to trade and exports.