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KCCI urges Russia to invest in CPEC
KARACHI: Trade representative of the Russian Federation Mr. Yury Kozlov said that trade and investment cooperation between Pakistan and Russia had been improving but it was not that robust and both countries would have to explore more areas of cooperation in different sectors of the economy. Exchanging views with Karachi Chamber of Commerce & Industry […]
KARACHI: Trade representative of the Russian Federation Mr. Yury Kozlov said that trade and investment cooperation between Pakistan and Russia had been improving but it was not that robust and both countries would have to explore more areas of cooperation in different sectors of the economy.
Exchanging views with Karachi Chamber of Commerce & Industry (KCCI) President Muffasar Atta Malik, Senior Vice President Abdul Basit Abdul Razzak and KCCI Managing Committee members at a meeting during his visit to the Karachi Chamber, Kozlov pointed out Russia was keen to enhance trade and investment cooperation in numerous sectors including: the energy sector, construction and industrial machinery, mines, metallurgy, railways engineering, pharmaceutical products, medical equipment, LED Lighting Systems, fertilizers & chemicals, water management & irrigation facilities, unmanned aircrafts, drones and food products.
He said that they had witnessed an improvement in exchange of trade delegations between the two countries but more similar delegations were required to enhance the existing trade and investment cooperation. He advised KCCI to line up trade delegations to Russia in order to explore trade opportunities and improve ties with Russian counterparts.
Agreeing to KCCI’s concerns over a lack of direct banking channel hindering trade between the two countries, Kozlov said that the absence of a direct banking channel was a problem which had to be addressed by both sides.
He informed that Russia was already cooperating with Pakistan in the construction of North and South gas pipelines and was also engaged at Jamshoro Power Plant but the cooperation had to be expanded to other sectors as well. While handing over a CD carrying presentations of 150 Russian companies to President KCCI, Kozlov said that all these companies were keen to explore opportunities in Pakistan.
Earlier, KCCI President Muffasar Atta Malik, while welcoming the Russian trade representative, said that KCCI was keen to strengthen trade ties and explore new bilateral trade prospects with Russia. “We strongly believe that Pakistan’s improved relations and enhanced trade with countries like Russia would surely help in dealing with numerous economic challenges being faced by the country and prove to be very beneficial for both the countries”, he added. He was of the view that after Russia’s accession to the World Trade Organization, ample opportunities for enhancing trade would emerge between Pakistan and Russia.
Muffasar Malik said that many countries had been taking a keen interest in China-Pakistan Economic Corridor (CPEC) which would lead to improved regional economic integration and provide tax holiday of up to 10 years to foreign investors. Therefore, the Russian investors must also take advantage of the situation by either investing or undertaking joint ventures in CPEC-related projects. Pakistan could also seek Russian assistance in the field of communication, irrigation, atomic energy, transport and infrastructure, it was said.
Published in Daily Times, October 12th 2017.
