Russian trade representative seeks direct banking channel

Trade Representative of Russian Federation in Pakistan Yury M. Kozlov has said that the lack of direct banking channel between Pakistan and Russia was a problem which had to be addressed by the two sides.
"Around 150 Russian companies are interested in exploring opportunities of direct investment in Pakistan," he said speaking at a meeting of Karachi Chamber of Commerce and industry (KCCI) adding that Russian companies were sincerely interested in cooperation with Pakistan.
Referring to planned construction of $2 billion gas pipeline project from Karachi to Lahore by Russia, he optimistically said it would play an important role in attracting Russian companies to invest in other projects.
Seeking KCCI's proposals on how to bring the business communities of the two countries more close, he assured the Karachi Chamber that their proposals pertaining to enhance trade would be considered seriously and helps bring the business communities more close to each other.
President KCCI Shamim Ahmed Firpo said that Karachi, the economic hub of Pakistan, offered profitable investment opportunities to all relevant interested people. Similarly, he said Karachi also offered facilities for investment and joint ventures to Russian investors as well. He said that KCCI was keen to strengthen trade ties and explore new bilateral trade prospects with Russia as Pakistan's improved relations and enhanced trade with countries such as Russia would surely help in dealing with numerous economic challenges being faced by the country and prove to be very beneficial for the two countries.
He was of the view that Pakistan and Russia hade experienced many ups and downs in their bilateral relations; however the current mutual cooperation had resulted in strengthened economic ties which were marked by enhanced government level talks between the two countries.
"Bilateral trade between Pakistan and Russia is expanding but at a relatively slow pace and the present trade volume does not reflect true trade potential between the two countries," he said citing that during 2015-16, Pakistan exported goods worth $151 million whereas the imports from Russia stood at $148 million. Thus, the trade surplus of $4 million in FY16 was in favour of Pakistan, he added.
On the potential to enhance trade, Firpo said that Pakistan could also seek Russian assistance in the field of communication, irrigation, atomic energy, transport and infrastructure while Pakistani food exporters could capitalise on the ban imposed by the Russian government on agricultural imports from European countries, in order to enhance their exports to Russia.
He also invited Russian companies to participate in the 14th My Karachi - Oasis of Harmony exhibition to be organized in April next year since it has been an annual event since 2004 and being attended by around 1 million visitors each year.
Senior vice president of KCCI Asif Nisar expressed deep concerns over the extended time required by the Russian embassy to issue visas which could take up to 30 days and even more. He said that in order to improve trade ties and bring business communities closer, the Russian embassy must reduce visa processing time for the business community on priority basis which, if done, would surely yield positive results.