KARACHI: FPCCI is keen to hold a single country exhibition in Moscow and will send a high level trade delegation there to provide opportunities to Pakistani exporters to expand the volume of the country's exports to Russia.
This was stated by President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Zubair Ahmed Malik at a meeting with Trade Representative of the Russian Federation, Yury Kozlov.
The Russian Trade Representative paid a courtesy call on the President FPCCI along with his four member team.
FPCCI President said Russia is a great potential market for Pakistani products which needs to be explored sufficiently.
Both the sides exchanged views on the bilateral economic relations. They were not satisfied with the present volume of trade which they said does not reflect a true picture of the 50-year friendship between the two countries.
FPCCI Chief Zubair A. Malik re-affirmed that "Russia will be our potential market during the current year and FPCCI will use all its resources to penetrate the Russian market."
He emphasised that the national Chambers of both countries should intensify their interaction and activate the Pakistan-Russia Joint Business Council formed by both National Chambers for exploring the market potentials.
Malik also suggested Russian Representative to play an instrumental role in organising a Pak-Russia Joint Business Council meeting at the earliest for the private sector of both the countries.
He further stated that both the business communities could formulate necessary recommendations for the promotion of bilateral trade and the same could be presented in the Joint Ministerial Commission (JMC), he said.
Zubair A. Malik said that the current volume of bilateral trade between the two countries is $542 million which is in favour of Pakistan, but does not match in any way with the potentials of the two countries.
Malik also emphasised the need for joint venture investment in various fields, particularly in power sector projects, exploration of coal and other mineral resources, hydroelectric power, ship-building, high-tech machinery, infrastructure, transport, iron and steel, railways, construction etc.
He suggested that both countries should join hands in economic activities without any external pressure.
Pakistan Steel Mills is a symbol of friendship between the two countries but after its establishment no more mega project has been undertaken by Russia in Pakistan.
He discussed the sticking- up of funds of Pakistani businessmen in Russia due to non-availability of banks' branches.
Malik also highlighted various impediments facing Pakistani businessmen in Russia in getting visa, market access, obligation of standardisation and customs requirements.
He also advised that Russia should sign a currency swap agreement with Pakistan for the promotion of bilateral trade. Besides, the opening of bank branches and frequent direct flights can help the both countries in improving the bilateral relationships, FPCCI Chief pointed out.
Russian Trade Representative Yuri M. Kozlov informed that Russia gives 25 percent concession to Pakistani exporters on their products but Pakistan has not utilised this concession in an efficient manner.
He stressed on strengthening bilateral relations between Pakistan and Russia and to explore trade opportunities for improving the joint venture investment climate and expanding direct contacts between the two business communities.
He said that there is a great scope for Pakistani textile and textile made- ups, agro-based products, fruits, particularly kinoos and mangoes, food processing and packaging, livestock and dairy farming, leather and leather products, surgical equipments and sports goods etc in the Russian markets.
Chairman Pak-Russia Business Council of FPCCI, Farooq Afzal emphasised on the need of exchange of technology, an aggressive marketing of Pakistani products in Russia and opening of bank branches in each other's countries to facilitate the private sector.
The meeting was also attended by prominent businessmen including Vice President FPCCI, Naveed Jan Baloch, Chairman, Pak-Russia Business Council, Farooq Afzal, and Directors, Pakistan Russia Business Council Waheed Ahmed and Fareed Ahmed.
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