Addressing the business community at Faisalabad Chamber of Commerce and Industry (FCCI) on Friday, he said diplomatic relations between Russia and Pakistan were deep rooted since 1948. "We have been contributing in a big way in the development of Pakistan", he said and added that Pakistan Steel Mills and many other energy related projects were established with the Russian cooperation.
He told that around 200 joint ventures have so far been completed in Pakistan in different sectors of the country including telecom, engineering and construction. He also quoted meeting of Prime Minister Imran Khan with Russian President Vladimir Putin and told that it will further strengthen cooperation between the two countries.
Responding to a question, he told that government gave directions and we have to provide a useful climate to promote trade relations within the given framework. He told that Russian delegations generally visit Islamabad, Karachi and Lahore, but we would try to arrange their visit to Faisalabad also. However, he clarified that its Pakistan government has to decide the venue of the meeting. He also indicated that business communities of the two countries should participate in intentional trade fairs and exhibitions to cultivate direct B2B relations. He also told that Russia is starting work on offshore gas pipeline in Pakistan which will help to resolve the energy problems of its upcountry areas.
Regarding banking channels, he told that we are trying to streamline it. However, the Pakistani exporters could manage their banking affairs through State Bank of Russia to avoid any mishap, he added. He further told that a branch of National Bank of Pakistan has been working in Moscow since January 2018.
Responding to another question, he told that a 20-km long link road between Chitral and Tajikistan could be provided in the long term planning of this region. He also asked the businessmen of Faisalabad to point out specific custom related problems so that these could be resolved at appropriate forum. Regarding visa issues, he told that generally our embassy issues single or double entry visa while multiple visas are issued only on the sole recommendation of the Russian partner of the applicant.
Earlier in his welcome address FCCI president Syed Zia Alumdar Hussain said FCCI is serving the business community of Faisalabad for the last 44 years. "It is third major chamber of Pakistan with 7,000 members within its fold", he told. He also introduced Faisalabad and said this city alone is contributing 45 percent towards total textile exports of Pakistan.
Alumdar said although textile is the iconic identification of this city but other sectors including chemical, oil, sugar and engineering are also contributing their role in its overall development of the country. He further told that bilateral trade between the two countries stood at $402.78 million in 2017. Pakistan made $144.71 million exports while imports from Russian Federation were $258.01 million thus balance of trade remained in favour of Russian Federation. He said Pakistan has 3rd largest reserves of coal and 5th largest reserves of gold and copper in the world while Punjab also has rich potential for mineral.
FCCI chief invited the Russian investors to come here and exploit the vast untapped potential of Punjab particularly in Faisalabad. Similarly, Pakistan could supply all types of textile goods such as ready-made garments, home textiles and knitwear (hosiery) items to Russian markets. He said there is huge potential of enhancing bilateral trade between the two countries in addition to joint ventures in textiles, agro-based industry, livestock, leather goods, oil and gas, IT and tourism sectors.
Alumdar further told that Pakistan could also export Kinno and potatoes to the Russian Federation. He stressed the need for direct links between the business communities of the two countries and holding of single country exhibition on reciprocal basis to increase the trade volume. He floated a proposal to ink MoUs between FCCI and Chambers of Russian Federation.
He also underlined the need to expedite efforts for signing of Free Trade Agreement between the two countries which could enhance bilateral trade manifold. FCCI President told that B-2-B meetings between Pakistan and Russian are imperative to enhance bilateral trade.