LCCI invites Russian businessmen to explore Pakistani market

LAHORE: Being an emerging economic power, Pakistan can be the most important and beneficial partner of Russia in South Asia.

Lahore Chamber of Commerce and Industry (LCCI) President Abdul Basit expressed these views in a meeting with a two-member Russian delegation here at the LCCI on Wednesday. Members of the delegation Igor Kolesov and Elena M Kholod had a detailed discussion with the LCCI chief on the trade and economic issues.

Abdul Basit said that Russian interest in China-Pakistan Economic Corridor (CPEC) was a clear evidence of the fact that CPEC was not only a game changer but it was a changer of world order. He invited the Russian businessmen to explore huge untapped Pakistani market.

Both the countries should take sector-specific measures to enhance the mutual trade that did not reflect the existing potential, he said and hoped that both Pakistan and Russian businessmen would enter into joint ventures to benefit each other in their respective businesses and would take level of bilateral trade to new heights with a little sector-specific effort. He said: "Pakistan has a lot to offer to its business community while Pakistani businessmen can learn a lot from Russians for the technological upgradation of their industrial units."

Abdul Basit said that Pakistanis were grateful to Russian Federation for helping Pakistan establish a mega steel mill at Karachi, which had played a crucial role in the development of the country. Today, this steel mill was the biggest source of steel products catering to the demand of the country and value addition for related products. But since then no major initiative had been taken by Russian Federation, he maintained.

The LCCI President said that both the countries needed to warm up their relations for mutual benefit of people and to play an overwhelming role in international arena on a sustainable basis. Pakistan's share in total foreign trade of Russia was very insignificant while trade balance was also in the favor of Russia, he said, adding that though bilateral trade between the two countries was increasing gradually but it was not satisfactory.

Abdul Basit said that Russian Federation was a market of great importance for Pakistan with massive population together with neighboring countries.

He said that Pakistan could export textile, garments, rice, leather, sports goods, surgical equipments and pharmaceutical to the Russian Market while Russia could enhance export of power equipment, steel, urea, chemicals etc to Pakistan.

Oil and gas sector in Pakistan offered great opportunities to Russia which had the requisite experience and technology in this field, he said and asserted that Russia could evaluate the possibilities of collaboration with Pakistan for mining of marble and granite as well.

He said the private sector of Pakistan could definitely take the lead in exporting various types of consumer goods to Russia and in return Pakistan could supply all types of textile goods, leather and leather products, surgical goods, sports goods, agro-based products and food items, fresh fruit and vegetables, fish and fish preparations, carpets and rugs, pharmaceutical products etc.

He said that Russia could also help in introducing Pakistani products in the areas of its influence.

The LCCI President said that profiles of Pakistani and Russian economies suggested brighter chances for joint ventures in sectors like food processing, oil, gas and mineral exploration, energy, engineering (heavy & light), transport equipments, automobiles, tractors, harvesters, machine tools, cement, fertilizers, industrial chemicals, plastic and rubber products, home appliances etc where Russian are the advance stage of development.

Members of Russian delegation agreed to make joint efforts to enhance the volume of two-way trade and to cement economic and diplomatic relations between the two countries.