Russia to help overcome power shortages

Energy cooperation to be discussed during president’s visit to Moscow next month.

LAHORE:

Russian Consul General Andrey Demidov has said that Russia, a top energy supplier, is ready to extend cooperation to Pakistan to overcome its energy shortage.

Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Monday, Demidov said there were possibilities of cooperation in the energy sector during President Asif Ali Zardari’s upcoming visit, scheduled for May 12.

Demidov said that tremendous potential lies between Pakistani and Russian businessmen in areas such as rice, fruits, pharmaceuticals, sports goods, leather, apparel, hosiery and textiles.

He said the Russian fruit market was worth $5.77 billion, out of which 80 per cent of fruits were imported. Also, the market size for pharmaceuticals stood at $14 billion, with an annual growth of 11.4 per cent.

LCCI President Shahzad Ali Malik expressed concern over Pakistan’s insignificant share in total trade being carried out by Russia. “We need to explore ways to smoothen the trade ties, particularly efforts should be made to gradually increase the overall trade volume … closing the gap of trade deficit for Pakistan,” Malik said.

He added that the business community was committed to playing its role in improving the situation, saying that there lies great potential to import power equipment, steel, urea and chemicals from Russia, while the oil and gas sector in Pakistan offered great opportunities to Russia.

Published in The Express Tribune, April 26^th, 2011.