ISLAMABAD: On Monday, the Islamabad Chamber of Commerce and Industry (ICCI) and the Moscow Chamber of Commerce and Industry (MCCI) signed a Protocol of Intentions to advance cooperation in the energy sector after a three-day Russia and Pakistan Intergovernmental Commission on trade, economic, scientific, and technical cooperation examined opportunities for enhancing cooperation in the field of energy.
Stanislav Korolev, the chairman of the Commission on Foreign Economic Relations, declared during a signing ceremony at the ICCI that “Russia wants to deepen commercial links with Pakistan.”
Korolev said he was hopeful that the protocol’s signing would help increase economic links between the two nations. Korolev emphasized that since 2015, he has been working for an Islamic Bank in Russia to strengthen trade contacts with Muslim countries, including Pakistan.
He suggested that the ICCI take the lead in promoting efforts to foster economic ties with Russia. He highlighted that Russia is extremely sophisticated in the pharmaceutical sector and can partner with Pakistan in this regard. Korolev believes that this partnership will be mutually beneficial for both countries.
In his remarks, ICCI President Ahsan Zafar Bakhtawari recommended that both nations work to boost their bilateral commerce to at least $5 billion over the coming years.
In May or June of this year, he remarked, “ICCI would consider sending a delegation to MCCI for B2B talks to investigate new areas of bilateral trade promotion.” The ICCI president also recommended that Pakistan and Russia sign a free trade agreement to increase the volume of trade between the two countries. He added that Pakistan is a sizable market and that Russian investors should take advantage of the various investment opportunities present in the energy, oil, and gas, infrastructure, railroad, and other sectors.