Pk_Thunder
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Pakistan, Russia to revitalise trade ties
ISLAMABAD, Oct 13: Pakistan and Russia have decided to revive their dormant trade and economic relations with Moscow showing interest in infrastructure development, mining, energy and telecommunication, and officials believe the coming months will witness signing of many MoUs.
Board of Investment Chairman and Minister of State Saleem H. Mandviwalla who during his just-concluded visit to Russia held wide ranging talks with companies dealing with investments in oil and gas exploration, financing hydro-power projects, expansion and upgrading Pakistan Steel Mill, telecommunication, railways and trade.
Accompanied by Russian Ambassador to Pakistan Budnik Andrey, the BoI chairman told a news conference here on Wednesday that Russian companies were forthcoming and expressed keen desire to carry out projects in Pakistan.
The visit was very encouraging and very soon Russian delegations would start visiting Pakistan to explore investments and joint ventures with Pakistani entrepreneurs, he said.
About the volume of Russian investment in Pakistan, he told a questioner that it was too early to establish the extent of investment since the process would take time to materialise the projects.The Russian ambassador said that Pakistan was a major player in the economic progress of the region, and his country would explore avenues where economic relations between the two countries progress in various fields.
Mr Mandviwalla during his visit explored with Russia authorities laying of gas pipeline to Pakistan and told newsmen that there would be no pressure from any quarter on either side on negotiating the project.
The Russian Aluminium (RusAl) has shown interest in exploring aluminium in Pakistan and identified Khushab which possess extensive aluminium deposits.
The VTB Capital, a Russian investment bank, has agreed to meet finance arrangements in acquiring investments in certain areas with immediate investment demands.
The government is likely to enter into an agreement with Tyazhpromexport which was principal organisation in building the Pakistan Steel Mill at Pipri near Karachi to enhance the current capacity of PSM and transforming it into a profit-generating entity. Malta Grid, an engineering consultant company of Russia, has also expressed its interest to participate in the refurbishment of PSM.
