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ISLAMABAD: After almost four decades of mistrust and acrimony, relations between Pakistan and Russia are warming up, as on Thursday Moscow offered the supply of Liquefied Natural Gas (LNG) to Islamabad and stressed the need to develop direct shipping and air links and establish banking channels to multiply the bilateral trade.
This offer was made in the first ‘Pakistan-Russia Investment Forum’ that was jointly organised here by the Board of Investment (BoI) and the Russian Business Council for Cooperation with Pakistan (BCCP) here on Thursday on the sidelines of the 4th session of the Pakistan-Russia Intergovernmental Commission on trade, economic, scientific and technical cooperation (IGC).
The forum was co-chaired by Finance Minister Ishaq Dar and Federal Minister Drug Control Services of the Russian Federation, Viktor Ivanov, who is the co-chairman of the Pakistan-Russia intergovernmental commission. The forum was attended by around 80 businessmen from Russia and around 130 local businessmen.
Viktor Ivanov emphasized that establishment of air links between the two countries would be stepping stones for setting up of direct contacts between the business and investors community.
He offered the supply of LNG gas to Pakistan and also mentioned the recently signed agreement for laying the 680-mile North-South Gas Pipeline costing $2.5 billion. It will be completed in 2017. He asked the business representatives of both the countries to work on other possible areas of cooperation such as banking through opening of bank branches, furthering cooperation in sectors like electro energy, infrastructure, oil and gas, transport, agriculture, telecommunication and other areas of mutual cooperation.
Defence cooperation between the two countries is also getting strength as in August 2015, both have signed a landmark defence deal that includes the sale of Mi-35 Hind E attack helicopters, designed for attack and military transport missions.
Russia and Pakistan have been negotiating an agreement for the past year, signaling a major thaw in relations between the two cold-war rivals. In June 2015, Moscow lifted an embargo on the delivery of military weapons and equipment to Islamabad. They are also in talks about delivering Sukhoi Su-35 fighter jets to Islamabad. In November 2014, Russia and Pakistan also signed a bilateral defence cooperation agreement aimed at strengthening the military-to-military relations.
On this occasion, Finance Minister Ishaq Dar appreciated the Russian side for establishing the North-South Gas Pipeline and invited the Russian side to upgrade the Pakistan Steel Mills to make it a profitable entity. He said that direct air links with Moscow would be started soon to facilitate the business community of both the countries which would also help in promoting the trade relations of both the countries.
He asked the Russian investors to explore trade opportunities existing in energy, infrastructure development, industry and defence industry to enhance the bilateral trade.
The finance minister said that the current government had taken steps to resolve the 17-year-old trade disputes involving Pakistan’s private businesses and Russian businessmen.
He expressed the hope that the matter would be resolved in the Pakistan-Russia Inter-Governmental Commission (IGC) meeting scheduled to be held on Friday (today).
In his opening remarks, Dr Miftah Ismail, MOS/chairman BoI, highlighted that the existing trade and investment figures between the two countries were not reflecting the real potential.
He highlighted the potential Pakistan had in terms of natural and human resources. He invited the Russian as well as Pakistani investors to invest in Pakistan as prospects for co-production, joint ventures with local partners were promising in the country. The Russian side identified sectors for mutual cooperation, transport, oil and gas, trade and industrial potential, industry and machinery, cooperation on drugs, railways, irrigation, science and education and capacity building of Pakistani workforce.
Ishaq Dar said that despite Russia’s huge GDP, the bilateral trade size was very small adding that investment of Russia in the North-South Gas Pipeline would strengthen the investment potential.
Pakistan was also seeking strategic partnership for the Pakistan Steel Mills and offered the Russian investors to take advantage of the opportunity.
He said the investment spectrum of the country had changed as compared to the last two years, adding that peace was restored after Operation Zarb-e-Azb to eliminate terrorism from the country.
He informed the Russian investors that the interest rate was recorded at 40 years lowest level.
Direct air links with Moscow would be established soon to facilitate the business community of both the countries which would also help in promoting the trade relations of both the countries.
Russia offers LNG to Pakistan - thenews.com.pk
This offer was made in the first ‘Pakistan-Russia Investment Forum’ that was jointly organised here by the Board of Investment (BoI) and the Russian Business Council for Cooperation with Pakistan (BCCP) here on Thursday on the sidelines of the 4th session of the Pakistan-Russia Intergovernmental Commission on trade, economic, scientific and technical cooperation (IGC).
The forum was co-chaired by Finance Minister Ishaq Dar and Federal Minister Drug Control Services of the Russian Federation, Viktor Ivanov, who is the co-chairman of the Pakistan-Russia intergovernmental commission. The forum was attended by around 80 businessmen from Russia and around 130 local businessmen.
Viktor Ivanov emphasized that establishment of air links between the two countries would be stepping stones for setting up of direct contacts between the business and investors community.
He offered the supply of LNG gas to Pakistan and also mentioned the recently signed agreement for laying the 680-mile North-South Gas Pipeline costing $2.5 billion. It will be completed in 2017. He asked the business representatives of both the countries to work on other possible areas of cooperation such as banking through opening of bank branches, furthering cooperation in sectors like electro energy, infrastructure, oil and gas, transport, agriculture, telecommunication and other areas of mutual cooperation.
Defence cooperation between the two countries is also getting strength as in August 2015, both have signed a landmark defence deal that includes the sale of Mi-35 Hind E attack helicopters, designed for attack and military transport missions.
Russia and Pakistan have been negotiating an agreement for the past year, signaling a major thaw in relations between the two cold-war rivals. In June 2015, Moscow lifted an embargo on the delivery of military weapons and equipment to Islamabad. They are also in talks about delivering Sukhoi Su-35 fighter jets to Islamabad. In November 2014, Russia and Pakistan also signed a bilateral defence cooperation agreement aimed at strengthening the military-to-military relations.
On this occasion, Finance Minister Ishaq Dar appreciated the Russian side for establishing the North-South Gas Pipeline and invited the Russian side to upgrade the Pakistan Steel Mills to make it a profitable entity. He said that direct air links with Moscow would be started soon to facilitate the business community of both the countries which would also help in promoting the trade relations of both the countries.
He asked the Russian investors to explore trade opportunities existing in energy, infrastructure development, industry and defence industry to enhance the bilateral trade.
The finance minister said that the current government had taken steps to resolve the 17-year-old trade disputes involving Pakistan’s private businesses and Russian businessmen.
He expressed the hope that the matter would be resolved in the Pakistan-Russia Inter-Governmental Commission (IGC) meeting scheduled to be held on Friday (today).
In his opening remarks, Dr Miftah Ismail, MOS/chairman BoI, highlighted that the existing trade and investment figures between the two countries were not reflecting the real potential.
He highlighted the potential Pakistan had in terms of natural and human resources. He invited the Russian as well as Pakistani investors to invest in Pakistan as prospects for co-production, joint ventures with local partners were promising in the country. The Russian side identified sectors for mutual cooperation, transport, oil and gas, trade and industrial potential, industry and machinery, cooperation on drugs, railways, irrigation, science and education and capacity building of Pakistani workforce.
Ishaq Dar said that despite Russia’s huge GDP, the bilateral trade size was very small adding that investment of Russia in the North-South Gas Pipeline would strengthen the investment potential.
Pakistan was also seeking strategic partnership for the Pakistan Steel Mills and offered the Russian investors to take advantage of the opportunity.
He said the investment spectrum of the country had changed as compared to the last two years, adding that peace was restored after Operation Zarb-e-Azb to eliminate terrorism from the country.
He informed the Russian investors that the interest rate was recorded at 40 years lowest level.
Direct air links with Moscow would be established soon to facilitate the business community of both the countries which would also help in promoting the trade relations of both the countries.
Russia offers LNG to Pakistan - thenews.com.pk
