Daily Times

Privatization Minister Abdul Aleem Khan signed several memorandums of understanding (MoUs) with Russian officials on Wednesday to boost bilateral trade and investment, as business delegations from both countries interacted at a bilateral trade and investment forum in Moscow, the privatization ministry said.

The three-day Pakistan-Russia Trade and Investment Forum in Moscow kicked off on Tuesday with Khan leading a delegation of over 70 chief executive officers of Pakistani companies. The Russian side included the heads of over 100 companies and Platonov Vladimir, the president of the Moscow Chamber of Commerce.

The two sides signed a historic barter trade agreement a day earlier, entering into agreements for the exchange of goods, including chickpeas, rice, mandarins, potatoes and red lentils.

“Federal Minister Abdul Aleem Khan along with Russia’s Deputy Minister for Trade Alexey Gruzdev and Russian Federation Adviser Evgeny Fidchuk also signed various MOUs according to which Russia and Pakistan will increase imports and exports of food items,” Pakistan’s privatization ministry said about the meeting of the two officials on Wednesday.

The statement added that both officials also agreed that Russia would cooperate with Pakistan in IT Technology, Safe City projects and setting up IT centers in Pakistan.

Both countries agreed to increase bilateral trade in leather and textile, agricultural products, fruits and vegetables as well, the statement said.

“Federal Minister for Board of Investment Abdul Aleem Khan termed the visit to Russia as successful and beneficial and said that Pakistan is ready for joint ventures with Russia for the promotion of bilateral business,” the ministry said.

Both sides agreed to prepare lists of companies as Pakistan invited Russia to participate in the Textile Expo set to take place in the country this month.

Vladimir thanked Khan and the Pakistani delegation for participating in the event, the privatization ministry said. He said both countries can cooperate in high technology, minerals, information technology and other sectors.

“Khan further said that the purpose of his visit to Moscow is to encourage mutual trade, increase the confidence of the business community and promote harmony between the two countries,” the ministry said.

Pakistan and Russia, once Cold War rivals, 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 Asian states for bilateral trade.

Islamabad’s ties with Russia also saw significant improvement in 2023 after Pakistan started purchasing Russian crude oil at a discount rate. The development came after geopolitical tensions almost doubled the fuel prices in Pakistan last year, forcing the South Asian country to opt for cheaper sources of fuel.

Russia’s Deputy Prime Minister Alexei Overchuk arrived in Islamabad on a brief visit in September, seeking to expand trade and investment ties with Pakistan.