ISLAMABAD: Chairman Board of Investment, Miftah Ismail Friday said that long outstanding issue of mutual claims of Pakistani and Russian businessmen has been settled.
Addressing the meeting of Pakistan-Russia Inter-Governmental Commission (IGC), he said that almost two-decade old dispute which was creating trust deficit and unnecessary hurdles in expansion of business ties was amicably resolved.
He said that major focus of IGC was to review the implementation status of the decisions taken during the third IGC and to look for further ways and means to enhance trade, economic and technical cooperation between the two countries.
He said that strong economic relationship with Russia was important for Pakistan to enhance its exports in agriculture sector and scientific and technological cooperation.
While IGC was an excellent frame work to provide opportunity to public and private sectors business communities to interact with each other and share vision, aspirations and experiences with an objective to enhance mutual economic relations especially in trade and investment, he added.
Dr. Miftah Ismail shared that after hectic efforts of BOI the long outstanding issue of mutual claims of Pakistani and Russian businessmen has been settled.
He said that Prime Minister's Office, Ministry of Finance and Board of Investment worked together to get the issue resolved which was creating trust deficit and unnecessary hurdles in expansion of business ties.
Pakistan have initial an agreement based on the draft sent by the Russian side. However, the formal agreement will be signed after fulfilling of all the codal formalities by both the countries.
Thereafter, Government-to-Government agreement will be signed, adding that the settlement of this long outstanding issue will synergize the close ties between the private sectors and business will flourish in the time to come.
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