Sergey N Peskov, Ambassador of Russian Federation in Pakistan, has said that there is substantial potential for the development of Pak-Russian co-operation in the areas of oil, gas, modernisation of Soviet-built enterprises and construction industry.
Speaking at a dinner hosted last night by Habib Ahmad, Managing Director, Habib Rafiq Group, he said that there were prospects for mutual investments, co-operation in telecommunication sector and high technologies. He said that in the near future, "we will have to create necessary legal base for our co-operation in these sectors and other areas, in particular to sign agreements on avoidance of double taxation and on promotion and mutual protection of capital investment.
Secretary General, Pakistan Institute of World Peace, Zulfiqar Ahmad, senior vice president Dr Shafiq Jallandhry and other elite of the town were also present on the occasion.
He said that after having passed many hurdles of a transition period, nowadays Russia builds up with new institutions based on principles of a real democracy, which is efficient and based on market economy, supremacy of law and accountability of authority to society.
The envoy said that with the real GDP growth at 60 percent since 2000, Russia's economy has grown at an average rate of about 7 percent per annum during the last six years, thus positioning itself as one the fastest growing markets.
He said there was macroeconomic stability; inflation was less than 9 percent and foreign debt less than 20 percent of the GDP. He said that in 2006 Russia became the 10th country in the world whose GDP exceeded one trillion US dollars. He said that Russia took first place in oil production in the world. "From 2001 to 2007 our position in the rating of the largest economies of the world improved by 10 points."
He stressed that Russia had turned into creditor country from debtor country. He said now there is no need for official credits today. He expressed his gratitude to the Association of Pakistani graduates from Russia and CIS for its kind invitation.
The Ambassador said that the second world forum of foreign graduates of the Soviet and Russian institutes of higher education would be held from October 3 to 5 in Moscow, and members of this association would represent Pakistan.
Earlier, Habib Ahmad in his address of welcome said that there was vast scope of joint ventures in different areas of mutual interests, and Russian private sector has potential scope for investment in power sector of Pakistan.
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