Thursday, August 11, 2022

Russia will extend cooperation to Pakistan for PSM revival: Denis Manturov

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ISLAMABAD: Russian trade minister Denis Manturov said on Wednesday that Moscow is willing to expand cooperation with Pakistan in multiple sectors including the revival of Pakistan Steel Mills (PSM).

Denis Manturov, while addressing a joint news conference along with Federal Minister for Economic Affairs Hammad Azhar, said his country is ready to cooperate with Islamabad in various sectors including industry, agriculture, energy, medicine, railways, gas supplies and geological capacity.

The minister said Pakistan Steel Mills (PSM) was established with the cooperation of Russian experts and his country will extend cooperation for the revival of the organisation for enhancing its productivity. He also expressed interest in building the geological capacity of Pakistan apart from building North-South Gas Pipeline, Radio Pakistan reported.

Manturov added that Moscow could also assist Islamabad in aircraft manufacturing and agriculture sectors.

Read: Russian trade minister along with delegation arrives in Foreign Ministry

Hammad Azhar said that Islamabad desires the transformation of relations with Moscow into a strategic partnership. He added there are tremendous opportunities to enhance cooperation in the fields of trade, business-to-business relations and people-to-people contacts.

Pakistan has been included in the list of top ten countries for ease of doing business. Following the government’s prudent policies, the country reduced trade and current account deficits and consequently, international organisations are recognising Pakistan’s economic stability, Azhar added.

The minister applauded Russia’s offer for the revival of PSM, saying that there is a huge scope of cooperation between the two countries in the energy sector.

He expressed the hope for the development work on the North-South Gas Pipeline (NSGP) project. Azhar urged Russian companies to invest in oil and gas sector of Pakistan.

Read: PM Imran invites Russian President Vladimir Putin to visit Pakistan

The minister said Pakistan also desires to enhance cooperation in establishing economic zones. He said cooperation between Pakistan and Russia in the field of science and technology will be helpful for the development of the region.

6th meeting of Pakistan-Russia Inter-Governmental Commission

Russian trade minister Denis Manturov along with his delegation arrived in Foreign Ministry for holding a meeting with Pakistani officials.

The Russian delegation led by trade minister Denis Manturov was welcomed by Federal Minister for Economic Affairs Hammad Azhar upon its arrival.

Pakistan and Russia held the sixth meeting of Inter-Governmental Commission at the Foreign Office in Islamabad today. Minister for Economic Affairs Hammad Azhar headed the Pakistani delegation in the meeting.

Pakistan Russia Inter-Governmental Commission meeting

During the meeting, both countries resolved to increase the volume of bilateral trade from the present levels to the true potential through greater cooperation besides enhancing business activities by the private sector.

Read: Russian bank expresses interest in making heavy investment in Pakistan

The Russian side invited Islamabad to organise a roadshow in Moscow to provide an opportunity to the private companies to explore new avenues in Pakistan.

The Pakistan officials have also invited Russia to participate in trade expos held in Pakistan.

The visiting officials were apprised that Pakistan holds the bilateral and economic relations with Russia in high esteem which is evident by the recent settlement of the long-standing settlement of mutual financial claims” signed between the two countries.

It has been decided to hold the 7th meeting of Inter-Governmental Commission in Moscow on mutually agreed dates.

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