Russia eyes joint ventures in energy and minerals

Official calls for proper strategy for direct access to Russian markets.

FAISALABAD:

Russian Consul General Andrey Vladimirovich Demidov has said that Moscow is keen to invest and launch joint ventures in energy and mineral sectors in Pakistan.

Addressing members of the Faisalabad Chamber of Commerce and Industry (FCCI) on Tuesday, Demidov underlined the importance of bilateral cooperation between the two countries.

He said that Russia was the third largest importer of textile products and requested Pakistani exporters to take advantage of this. He revealed that Russia had $1.3 trillion commodities market including leather, rice, fruits, pharmaceuticals, sports goods, hosiery and textile products.

He explained the facilities being offered by the Russian government to facilitate exporters from other countries.

FCCI’s Pakistan-Russia Business Council Chairman Muhammad Farooq Afzal said Pakistani exporters could have direct access to Russian markets with proper planning and strategies, adding Russia was importing seven lakh tons of rice, $14 billion worth of pharmaceuticals and $20 billion of textile products every year.

Pakistan could get a sizeable share from this market by exploiting the advantage of proximity to the country, he added.

FCCI’s Adhoc Management Committee member Mian Farhan Latif said that Faisalabad was contributing 60 per cent share in textile exports, while other industrial sectors were also successfully operating in this region. He urged Russia to explore Faisalabad’s market to meet its growing textile requirements and hoped that Russia would also help resolve energy issues in Pakistan.



Published in The Express Tribune, April 27^th, 2011.