ISLAMABAD: Calling Pakistan Steel Mills (PSM) a flagship symbol of Pakistan’s longstanding ties with Russia, Minister for Energy Awais Leghari said on Thursday that a set of recommendations for reviving the country’s dormant steel giant would soon be submitted to policymakers, signalling renewed efforts to breathe life into one of the nation’s largest industrial projects.
Addressing a webinar titled “Pakistan-Russia: Strengthening Trade, Education and Energy Collaboration,” jointly organized by the University of World Civilizations Moscow (UWCM) and the Institute of Regional Studies (IRS), he stated that Pakistan-Russia relations had gained positive momentum over the past two decades, driven by mutual trust, respect and a shared commitment to regional stability.
Pakistan and Russia possess immense untapped potential in trade, energy, education, and connectivity, stressing that stronger economic cooperation and improved transport links could help bilateral trade surpass the billion-dollar mark in the coming years.
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The minister noted that Pak-Russia bilateral trade stood at USD243.412 million during FY2025, significantly below its potential. He said trade had exceeded USD1 billion in FY2024 but later declined due to challenges related to payment mechanisms, banking channels, financing arrangements and shipping logistics.
The Minister added that Eurasian connectivity offered significant opportunities for economic growth and common prosperity. He termed the revival of historic land routes through Central Asia and the International North-South Transport Corridor (INSTC) vital for enhancing trade between Pakistan and Russia.
He expressed confidence that the Programme of Economic Cooperation between Pakistan and Russia until 2030 would help strengthen economic ties and create new opportunities for businesses in both countries.
Referring to regional connectivity initiatives, Leghari said Pakistan had signed a memorandum of understanding on the Belarus-Russia-Kazakhstan-Uzbekistan-Afghanistan-Pakistan multimodal transport corridor and another agreement on railway cooperation with Russia in June 2024.
The establishment of a rail link would be instrumental in expanding bilateral trade and could help realize the upgradation of the Quetta-Taftan railroad, he added.
The minister further said there were presently no direct flights between the two countries, both sides are considering the possibilities of early resumption, and our airlines could explore code-sharing and transit route arrangements, particularly for cargo flights.
He has expressed interest in modernizing existing hydraulic/refining facilities between Pakistan and Russia.
Copyright Business Recorder, 2026