Pak-Russia Bilateral Trade Shows 33 Percent Increase, Great Potential Lies To Make Further Growth-Russian Envoy

The bilateral trade between Pakistan and Russia has shown an increase of 33 percent during the last one year, but still there is a lot of potential for increasing business between the two countries.

PESHAWAR, (UrduPoint / Pakistan Point News - 19th Feb, 2018 ) :The bilateral trade between Pakistan and Russia has shown an increase of 33 percent during the last one year, but still there is a lot of potential for increasing business between the two countries.

This was said by Ambassador of Russia, Alexey Yurievich Dedov while speaking to business community of Khyber Pakhtunkhwa during his visit to Sarhad Chamber of Commerce and Industry (SCCI) on Monday.

President SCCI, Zahidullah Shinwari, Trade Commissioner of Russian Embassy, Yuri Kozlov, Senior Vice President SCCI, Muhammad Naeem Butt, Chairman ZRK Group of Industries, Zahid Rahim Khan, Presidents of Swat Chamber and Charsadda Chamber besides other businessmen were present on the occasion.

Talking to businessmen, Russain Ambassador said the bilateral trade between Pakistan and Russia is low, but it is showing increase. In the previous year, he continued, the trade between the two countries were recorded at Dollar 400 million which has now increased to dollar 541 million.

He said there is a great potential of increasing trade between the two countries and for this purpose we have to increase contact between governments, businessmen and people. Mr. Alexey Yurievich also disclosed that Russian Embassy is opening Consul General office in Peshawar on Monday and he will perform the inauguration.

The honorary Consul General of Russia in Peshawar is Arsala Khan, a businessman and Director of ZRK Group of Industries. During the course of discussion with businessmen, Russian envoy held out assurance of cooperation in increasing bilateral trade, economic cooperation, investment promotion, shifting of modern machinery, development in oil and gas exploration, mining, transport and hydel power generation.

He said with mutual cooperation and strenuous efforts, Pakistan and Russia can be brought closure to each other economically. He said opening of office of honorary consul general in Peshawar will open up new vistas for promotion of commercial and people to people contact between the two countries.

He said Russain investors are showing interest in Pakistan and recently a company has signed agreement for establishment of Oil Refinery of KP. Another company has expressed consent for participation in modernization of Pakistan Railway, he added.

Speaking on the occasion, Honorary Consul General of Russia in Peshawar, Arsala Khan assured the business community of KP of full cooperation and support in promotion of trade between the two countries.

He said his priority would be to convey business potential of KP to business community of Russia. Earlier in his welcome address, President SCCI, Zahid Shinwari invited Russia to take advantage of CPEC by developing road network in Wakhan corridor for linkages with Lowari tunnel for exporting items and boosting trade through warm water with gulf region.

"Russia is the world's second and third largest producer of gas and oil respectively and KPOGCL can learn and take guidance from Russian technology and experience in enhancing its gas and oil exploration and production," Shinwari suggested.

Similarly, he continued, Pakistan and KP can take advantage of Russian import of dollar 16 billion agricultural products by exporting organic agriculture products. He said bilateral trade could be improved significantly by encouraging frequent exchange visits of business delegations.