Belarus keen to cooperate with Pakistan in tractor industry

ISLAMABAD: On the invitation of Republic of Belarus, Minister of State/Chairman Board of Investment, Saleem H. Mandviwala paid an official visit to Belarus.

During the visit, the Chairman Board of Investment held a range of meetings with Belarusian Minister for Industry Mr. Dmitry Katsiarynich, Minister for Economy Mr. Nikolai Snopkov, Chairperson of the National Bank of Belarus Ms. Nadezhda Ermakova, Deputy Minister for Foreign Affairs, Deputy Minister for Agriculture and Director General of Belarusian Meat and Milk Company.

In addition to these meetings, the Chairman BoI visited Belarus Tractor Manufacturing Plant where he had useful interaction with the Director General of Minsk Tractor Manufacturing Plant.
Belarus Minsk Tractor Works has played a key role in supplying tractor to Pakistan and establishing the tractor assembly plant in Pakistan.

Belarus and Pakistan have also signed agreements on trade-economic cooperation and investments protection. The two sides agreed to reach a MoU for this purpose in the near future.

The Chairman also reviewed progress on the draft Bilateral Investment Treaty between the two countries which was signed in 1997. Moreover, the two sides agreed to establish further mechanisms for mutual investments. Reaching a Free Trade Agreement or a Preferential Trade Agreement also came up for discussion.

Both the sides showed interest in this respect. Further, understanding was reached to establish a Pakistan-Belarus Joint Business Council to identify areas of cooperation. The possibility of currency swap arrangement between Pakistan and Belarus was explored and establishment of bank branches in each other’s countries was discussed as well.

Emphasizing the importance of the Inter-Governmental Commission for giving a boost to bilateral economic relations, the two sides looked forward to the meeting of the Inter-Governmental Commission to be held in Islamabad in the near future.

The two sides also reiterated their commitment to enhance business and expert level exchanges. In this regard, the Belarusian Minister for Economy extended invitation to Chairman Board of Investment and Pakistani business delegation to attend Investment Conference in Minsk which is to be held in November this year. The Chairman thankfully accepted the invitation.

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