Crucial moot in Moscow today to promote bilateral trade

ISLAMABAD: Pakistan and Russia are all set to hold Trade and Investment Forum on Tuesday (Oct 1) in Moscow aimed at promoting bilateral trade relations and find avenues for investment in different sectors, well-informed sources told Business Recorder.

Minister for Privatisation and Investment, Abdul Aleem Khan, who last week was in China will lead Pakistani delegation in Moscow.

In a meeting between Prime Minister Shehbaz Sharif and the President of the Russian Federation, Vladimir Putin, on the sidelines of the Head of States Summit of the Shanghai Economic Cooperation Organization on July 3, 2024, in Astana, Kazakhstan, both leaders expressed their desire to cement historical bilateral relations by enhancing trade, energy and agriculture cooperation.

In line with cordial meeting between both the leaders, the Ministry of Commerce in collaboration with the Commercial Section, Embassy of Pakistan is organising the Pak-Russia Trade and Investment Forum along with B2B meetings.

More than 60 Pakistani companies representing sectors such as textile apparels, garments, made-ups, pharmaceutics, food and agricultural products, TIR operations/ logistics, tour operations, leather, leather made-ups and sports goods are participating in the business forum. These companies have an aggregate export of over $500 million to different countries of the world.

More than 100 Russian companies from Moscow and other regions representing corresponding sectors have confirmed their participation in the forum, and will have B2B meetings with these Pakistani companies throughout the day.

Apart from the private sector participation, more than 60 Russian officials representing Ministry of Trade, Ministry of Agriculture, Ministry of Economic Development and FSVPS (NPPO), Russian Export Centre, Federal Chamber, Moscow Chamber, various regional chambers, major associations like textiles, retail and others shall participate in the business forum. Moreover, representatives of Russian banks such as MKB will also be attending the business forum.

Pakistan’s major exports to Russia include leather apparel, textiles, ready-made garments, textile made-ups, surgical/medical/dental instruments, rice, sports goods, Himalayan pink salt, cutlery and beauty instruments.

Pakistan’s major imports from Russia include wheat and muslin, crude oil, dried leguminous vegetables, minerals and fertilisers, and other miscellaneous items such as pharmaceutical products, bituminous coal and similar solid fuels manufactured from coal, synthetic rubber, sunflower seeds, petroleum gases, looms, newsprint and razors.

Recently, a Russian delegation led by deputy prime minister, along with deputy ministers visit Pakistan and held high-level discussions for cooperation in different economic fields. Pakistan and the Russian delegation had also inked memorandums of understanding (MoUs).

Copyright Business Recorder, 2024