He hoped that the leading Russian company Waston would visit Pakistan to discuss the construction of gas pipeline from India to Iran via Pakistan.
He said that expansion of Pakistan Steel Karachi is the other important project in which Pakistan and Russia are interested. Russian experts are taking part in this mega project to increase its production.
"It is expected that after Russian co-operation the annual production of Pakistan Steel will increase up to 3 million tons," he said.
He said that Pakistan welcomes the participation of the Russian companies in the privatisation process.
Iftikhar said that dozens of Russian companies have expressed their desire to take part in the Expo-2005 which would be held in Karachi in February 2005.
He was fully convinced that the Expo-2005, in which nearly 1000 international companies would take part, will further strengthen Pakistan-Russia trade and economic ties.
Iftikhar Murshid said, "We look forward for close interaction between the Russian and Pakistani private sector and major event in this regard will be held from February 2 to 5."
"I am sure that this co-operation would significantly upgrade the transaction between the two countries," he added.
The ambassador said that in last week, we held the second meeting of the consultative group on strategic development under the chairmanship of the Deputy Foreign Minister.
Pakistani and Russian delegations participated in it. "We have decided to maintain the strategic stability in the region," he added.
To a question about Pakistan-Russia bilateral relations during 2004, he said, Pakistan and Russia had excellent bilateral interaction.