Over 50 Russian companies show interest for direct investment in Pakistan
By Muhammad Sarwar
Faisalabad, Pakistan: Over 50 Russian companies are interested for direct investment in Pakistan.
This was said by Trade Representative of the Russian Federation Yury M. Kozlov on Tuesday while addressing the business community at Faisalabad Chamber of Commerce Faisalabad.
He said that Russian companies are successfully working together bilateral trade relations are increasing between Pakistan and Russia. He indicated that Russians are working on Karachi-Lahore Gas Pipeline and this project is connecting Russians with Pakistani business community. He stated that Karachi-Lahore Gas Pipeline have encouraged other Russian companies to invest in other projects in addition to launching joint ventures with their Pakistani counterparts.
Talking about Pak-Russian relations in past, he said that Karachi Steel Mills was the hallmark of Pak-Russia Economic relations and said that Russia had already constructed Muzaffargarh and Guddu power stations and was thus playing its role in resolving energy related problems of Pakistan.
He said that many Russian firms were also interested in large, medium and small ventures. No doubt the major projects would be launched with the understanding of governments of both countries while private investors could start small and medium projects in collaboration with local businessmen.
He said that many Russian firms were also interested in oil and gas exploration projects in Pakistan while he would also encourage Russian investors.
Quoting economic sanctions imposed by Russian Federation on some countries, he said that Pakistani exporters should come forward and fill up this gap by exploring particularly textile goods to the Russian markets.
Responding to various questions raised by the FCCI members, Yury said there were some financial and banking issues which would be resolved very soon at the government level.
Earlier, in his welcome address, President FCCI Ch. Muhammad Nawaz said that Pakistan and Russian Federation enjoy good economic relations and diplomatic ties since 1948. The trade volume of US$ 155.31 million in 2014 shows that Pakistan exports were US$ 135.40 million against imports from Russian Federation of US$ 20.91 million, thus balance of trade is in favour of Pakistan.
There were vast prospects of bilateral trade ties including joint ventures in textiles, agro-based industry, livestock industry, leather goods, oil and gas, Information Technology and Tourism, he added.