Pakistan eyes increasing exports to Russia to $4 billion in next 5 years

ISLAMABAD: Pakistan aims to increase its exports to Russia to $4 billion in the next five years, Privatization Minister Abdul Aleem Khan said on Thursday, as the South Asian country eyes improving its economic prospects through international trade and investment with regional partners. 

Khan was leading a delegation of 70 Pakistani businesspersons at the inaugural Pakistan-Russia Trade and Investment Forum from Oct. 1-3 to strengthen economic ties and explore new business opportunities in Russia. According to the Pakistani embassy in Moscow, over 100 Russian companies took part in the forum which concluded on Thursday. 

“In the next 5 years, Pakistan wants to export four billion dollars from Russia,” Khan was quoted as saying by his ministry. “Pakistan’s target to increase exports will move ahead with a new plan of action.”

The minister met leading Russian businesspersons and held detailed discussions on various issues with them, the privatization ministry said. He urged Russian officials to organize similar forums between the two countries in future. 

Khan termed the participation of more than 100 Russian companies and 70 Pakistani businesspersons as an impressive feat. He said various issues related to business visas, transport and logistic problems, banking channels and alternative means of payment mechanisms also came under discussion. 

The minister also met the president of the Moscow Chamber of Commerce and discussed with him all the possible steps to enhance Russian investment in Pakistan. Khan hailed the Pakistani embassy in Russia for playing a “dynamic role” in fostering closer ties between the two nations.

“I will return from Russia with happy memories and strong hope,” he said.

Pakistan and Russia, once Cold War rivals, have warmed up to each other in recent years through regular business and trade interactions. As Islamabad seeks to enhance its role as a transit hub for landlocked economies in Central Asia, it has expressed interest in connecting with Russia through Central Asian states for bilateral trade.

Islamabad’s ties with Russia also saw significant improvement in 2023 after Pakistan started purchasing Russian crude oil at a discount rate. The development came after geopolitical tensions almost doubled the fuel prices in Pakistan, forcing the South Asian country to opt for cheaper sources of fuel.

Pakistan also received its first shipment of liquified petroleum gas from Russia in September 2023, marking Islamabad’s second major Russian energy purchase.

Last month, Russia’s Deputy Prime Minister Alexei Overchuk arrived in Islamabad on a brief visit, seeking to expand trade and investment ties with Pakistan.