Daily Times

Pakistan’s Privatization Minister Abdul Aleem Khan has said Islamabad is seeking enhanced cooperation with Russia in several avenues, as the first ever trade and investment forum between the two countries kicked off in Moscow on Tuesday.

Khan is leading a delegation of over 70 businesspersons from various sectors in the first ever Pakistan-Russia Trade & Investment Forum in Moscow. According to the state-owned Pakistan Television News, over 100 Russian companies are taking part in the forum as well.

Speaking at the forum, Khan said the current volume of trade between the two countries does not reflect the true potential of Pakistan and Russia. The minister said today is the “start of new bilateral relations with Russia,” according to PTV News.

“He said this forum will open new avenues of trade and investment between the two countries,” PTV said, adding that Islamabad attaches “huge importance” to its ties with Moscow.

According to the PTV, Russian Deputy Trade and Investment Minister Alexey Gruzdev said interactions between the business delegations of both countries will have a positive impact on their bilateral ties.

Pakistan and Russia have warmed up to each other in recent years through regular business and trade interactions. As Islamabad seeks to enhance its role as a transit hub for landlocked economies in Central Asia, it has expressed interest in connecting with Russia through Central Asia for bilateral trade.

Islamabad’s ties with Russia also saw significant improvement last year after Pakistan started purchasing Russian crude oil at a discount. Geopolitical tensions triggered fuel prices to more than double in Pakistan last year, forcing the country to opt for cheaper sources of fuel.

Pakistan also received its first shipment of liquified petroleum gas from Russia in September 2023, marking Islamabad’s second major Russian energy purchase. Russia’s Deputy Prime Minister Alexei Overchuk arrived in Islamabad last month for a brief visit to the country, seeking to expand trade and investment ties with Pakistan.