Russia plans to invest $500 million in Pakistan Steel

KARACHI: Consul General of Russia Mr. Andey V. Demidov on Monday said Russia planned to allocate an amount of $500 million for up-gradation of Pakistan Steel Mills.

“Special agreements are also under way on construction of a South Asian Electricity Trade and Development Project named CASA-1000,” he said while speaking to a press conference at Karachi Press Club.

Referring to Pakistan Foreign Minister Hina Rabbani Khar successful visit to Moscow this month and President Asif Ali Zardari’s visit in May 2011, he said we hope that agreements reached during these visits would be materialized for the benefit of both countries.

To a query regarding opposition of Russian people against Premier Vladimir V. Putin who is also a candidate in forthcoming presidential elections, he said opposing or supporting a candidate is part of democracy. “Today we also saw a protest demonstration outside Karachi Press Club. That’s natural phenomenon in democracy,” Consul General said.

Andey Demidov said presidential elections were scheduled on March 4, 2012 in Russia while according to the constitution of Russian Federation, the president was directly in-charge of formulating the foreign policy of the country as well as the policy in the field of defense and security.

He said international terrorism was flourishing everywhere while numerous international issues were being addressed, based on the threats by use of force, adding that foreign policy of Russia had to settle various problems that were becoming more complicated with every passing day.“We have no hidden agendas. We want stability around our borders,” he said.

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