Russian team, LCCI to make joint efforts for enhancing trade

LAHORE: A two-member Russian delegation visited the Lahore Chamber of Commerce and Industry (LCCI) on Wednesday where they agreed to make joint efforts for enhancing the trade volume and cementing the economic and diplomatic relations between the two countries.

Members of the delegation, Igor Kolesov and Elena M Kholod had a detailed discussion with the LCCI president Abdul Basit on trade and economic issues. The LCCI president invited the Russian businessmen to explore the untapped Pakistani market, and said both countries should take sector specific measures to enhance mutual trade, which does not reflect the existing potential.

He said there were brighter chances for joint ventures in sectors like food processing, oil, gas and mineral exploration, energy, engineering transport equipments, automobiles, tractors, harvesters, machine tools, cement, fertilisers, industrial chemicals, plastic and rubber products, home appliances, etc.

“Being an emerging economic power, Pakistan can be the most important and beneficial partner of Russia in South Asia,” the LCCI chief said, and expressed hope that both Pakistani and Russian businessmen would enter into joint ventures to take bilateral trade to new heights with a little sector specific effort.

He said Pakistani businessmen could learn a lot from Russians for technological up gradation of their industrial units. Abdul Basit said Pakistanis were grateful to the Russian Federation for helping establish a mega steel mill in Karachi, which has played a crucial role in the development of the country.

The LCCI president said Pakistan’s share in total foreign trade of Russia was very insignificant while trade balance was also in the favour of Russia. He said though bilateral trade between the two countries was increasing gradually, it was not satisfactory. 

He said the Russian Federation was a market of great importance with its massive population together with neighbouring countries. “Pakistan can export textile, garments, rice, leather, sports goods, surgical equipments, and pharmaceuticals to the Russian market, while Russia can enhance export of power equipment, steel, urea, chemicals, etc, to Pakistan,” he added.

He said oil and gas sector in Pakistan offered great opportunities to Russia which has the requisite experience and technology in this field.

“Russia can evaluate the possibilities of collaboration with Pakistan for mining of marble and granite as well,” the LCCI chief added.