Memorandum of Understanding between Federation of Pakistan Chambers of Commerce and Russian Federation signed in Moscow

Karachi: A Memorandum of Understanding MoU on economic cooperation between Federation of Pakistan Chambers of Commerce & Industry FPCCI & Russian Federation of Chamber of Commerce & Industry, FRCCI was signed in Moscow, a FPCCI press release said on Tuesday.

It was signed after talks between 19-member FPCCI business delegation led by its President Senator Haji Ghulam Ali and RFCCI members. The delegation also had talks with Ministries of Industry, Foreign & Economic Relations & National Investment Agency representatives on bilateral trade and its expansion.

Senator Haji Ghulam said “we want better ties Russia including bilateral trade, easy market access, trade promotion. President Asif Ali Zardari visited Russia four times in last two years, Commerce Minister, Makhdoom Amin Fahim, Foreign & Agriculture Minister also visited Moscow. Prime Minister Yusuf Raza Gilani’s visit to Russia on November 7, 2011 shows Pakistan and its business community desire good relations and seek Russian investment, trade. We wish Russian Federation and its business community will play role in promoting joint ventures and bilateral trade.”

FPCCI President said at present, there is huge potential for investment in Pakistan’s mining, railways, transport, energy and Russian investors avail these. Over 35 years ago, construction of Steel Mill in Karachi was made possible with Russian assistance. Transfer of modern technology to Steel Mill is responsibility of Russia, so that it could get rid of ongoing difficulties. Russia should take steps to promote direct trade, he added.

Russian Industry & Trade Ministry officials said for better relations with Pakistan, trade promotion, exchange of information and transfer of modern technology, “we will take decisions very soon and finalize decisions in an inter government commission meeting to be held next month in Pakistan.”

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