ICCI, Moscow Chamber join hands to promote Pak-Russia trade relations.

ISLAMABAD -- The Islamabad Chamber of Commerce and Industry (ICCI) has signed a Protocol of Intentions with Moscow Chamber of Commerce and Industry (MCCI) to work jointly for promoting business linkages between the private sectors of both countries and enhancing bilateral trade between Pakistan and Russia. Ahsan Zafar Bakhtawari, President ICCI, and Stanislav Korolev, Chairman, Commission on Foreign Economic Relations with Partners in Pakistan of MCCI, signed the document during a ceremony held at ICCI. Dr. Zahid A. Khan, President, Pakistan Trade House in Russia was also present in the signing ceremony. Speaking at the occasion, Ahsan Zafar Bakhtawari, President ICCI, said that Pakistan and Russia have great potential to enhance trade relations as their current bilateral trade is far less than their actual potential.

He said that both countries should make efforts to take bilateral trade to at least $5 billion within the next few years. He said that Pakistan can export many products to Russia including agricultural products, textiles, clothing, pharmaceuticals, rice, leather, sporting goods, surgical equipment and others. He said that Pakistan and Russia should sign a free trade agreement to boost trade volume. He said that Pakistan is a huge market and Russian investors should invest in energy, oil and gas, infrastructure development, railways and other sectors in Pakistan. He said that ICCI would consider taking a delegation to MCCI in May or June this year for B2B meetings to explore new areas of bilateral trade promotion.

Faad Waheed, Senior Vice President ICCI, said that Russia had helped Pakistan in establishing Pakistan Steel Mills and we would like to revive similar flagship Russian projects in Pakistan in...