ISLAMABAD: Following the conclusion of a three-day Pakistan-Russia Intergovernmental Commission on trade, economic, scientific, and technical cooperation, the Islamabad Chamber of Commerce and Industry (ICCI) and the Moscow Chamber of Commerce and Industry (MCCI) signed a Protocol of Intentions on Monday to strengthen collaboration in the energy sector.
“Russia wishes to expand economic connections with Pakistan,” stated Stanislav Korolev, Chairman of the Commission on Foreign Economic Relations (with partners in Pakistan), during a signing ceremony at ICCI.
Korolev stated that he has been working for an Islamic bank in Russia since 2015 to boost economic links with Muslim nations, including Pakistan, and that he is optimistic that the signing of the agreement will contribute to the expansion of trade relationships between the two countries.
“Russia is extremely advanced in the pharmaceutical sector and can collaborate with Pakistan in this field,” he said, urging that the ICCI take the lead in promoting economic links with Russia.
Speaking at the event, ICCI President Ahsan Zafar Bakhtawari stated that both countries should work together to grow bilateral trade to at least $5 billion in the next years.
“ICCI would consider sending a delegation to MCCI this year for B2B talks to explore new areas of bilateral trade promotion,” he said. The ICCI president also suggested that Pakistan and Russia sign a free trade agreement to increase trade volume, noting that Pakistan is a massive market and that Russian investors should take advantage of the numerous investment opportunities available in energy, oil and gas, infrastructure development, railways, and other sectors.