Denis Nevzorov, Trade Representative of the Russian Federation (RF), has said that his country will fully cooperate with Pakistani businessmen to give quantum jump to bilateral trade by exploiting huge untapped potential.
Addressing the business community during a meeting at Faisalabad Chamber of Commerce & Industry (FCCI), he said that the trade turnover and situation in the world economy and trade remains very difficult and uncertain yet the Russia-Pakistan economic and trade relations have a great chance to develop steadily.
He quoted the 10th Session of Russia-Pakistan Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation (IGC). He said that on the sidelines of IGC, the Russian-Pakistan Business Forum was also arranged in which more than 40 Russian and Pakistani companies working in the fields of energy, IT and agriculture participated.
He said that these events were really productive and we are moving forward in many areas especially in the sphere of industrial and agricultural cooperation.
He said that we are working hard to increase trade, reduce non-tariff barriers and simplify customs procedures.
The Russian Trade Representative said that we have achievements in particular in expanding cooperation in the field of pharmaceuticals and medical industry including the increase of mutual supplies of medicines and medical devices, localizing of their production in Pakistan and establishing joint ventures.
He said that Russia is ready to extend to Pakistan its assistance in mechanization of Pakistan’s agro-industrial complex.
He said that Russian producers expressed their readiness to supply modern agricultural machinery and equipment, as well as any other machinery including that one for use in construction and food industries.
He said that Russia and Pakistan also have considerable potential of cooperation in the sphere of supplies of metals, fertilizers and other chemicals.
He said that in order to tap the existing potential, we facilitate the concerned companies to establish direct contacts and strike concrete deals for the benefit of our countries.
He said that the 17th International Economic Forum “Russia-Islamic World: Kazan Forum” will be held in May followed by Russia’s trade and industrial fair INNOPROM-2026 in July this year.
He invited Pakistani businessmen to participate in it to deepen our bilateral relations.
Earlier, Mr. Farooq Yousaf Sheikh, President FCCI in his welcome address said that Faisalabad is the third largest city of Pakistan which is also second in revenue generation.
“Textile is the main strength of this city which alone contributes 60% towards total textile export of Pakistan in addition to catering to its domestic needs”, he said and added that FCCI is the only representative trade body of the business community of Faisalabad.
He said that Pakistan and Russia are enjoying excellent relations and your visit marks yet another important step in strengthening the growing economic and trade relations between the two countries.
Quoting recent figures, he said that trade volume between Pakistan and Russia has exceeded 1 billion US dollars, reflecting a positive trajectory and immense untapped potential for further expansion. Mr. Farooq Yousaf Sheikh stressed the need to promote direct bilateral relations between the private sectors of the two countries by removing immediate irritants and handicaps.
He pointed out that there is no synchronization of banking systems of the two countries which generally prompt business-related disputes. He said that Faisalabad has well developed industrial estates where Russian investors could set up hi-tech units to earn sizable profit. In this connection joint ventures could also be launched by promoting confidence between the private sectors of the two countries.
Later, Mr. Naveed Akram Sheikh, SVP offered vote of thanks while President Mr. Farooq Yousaf Sheikh decorated Mr. Denis Nevzorov with a special collar pin to mark the 50 Years Golden Jubilee Celebrations of FCCI.
He also presented FCCI shields and gifts to the Trade Representative of the Russian Federation.