Ever since Pakistan entered MSCI emerging index, and outshined China in terms of GDP, it would be appropriate to say that the days of remaining under the shadows of neighboring economies are finally going away, despite Panamagate’s fiasco dwindling investor’s confidence in the country’s economy.
That being said, many foreign nations have started taking interest in investing in the country. Adding more to the claim, President of Lahore Chamber of Commerce and Industry (LCCI), Abdul Basit said, Pakistan could be an important and beneficial partner of Russia in South Asia. He also invited Russian businessmen to explore the untapped market of the country.
While talking with two members of a Russian delegation – Igor Kolesov and Elena M Kholod, who had a detailed discussion on the trade and economic issues. He pointed out that the interest of Russia in the China-Pakistan Economic Corridor is clear proof that the project is a game changer, not just for Pakistan, but for other advanced economies as well.
Subsequently, both nations should work hard enough to enhance bilateral trade, he added, while expressing hope that businessmen of both the nations will collaborate via Joint Venture (JV) and benefit from the bilateral trade. There’s no doubt that Pakistan has a lot to offer to the business community of Russia and local businessmen could also learn a lot from the Russians about the technology upgrade.
It is pertinent to note that Russia helped Pakistan set up a mega steel mill in the metropolis state, Karachi, which has been playing a crucial role in the development of country’s economy. For those who are wondering, the mill has been the biggest source of steel products that cater to the demand and value addition for related products.
Moreover, Pakistan’s share in the total foreign trade of Russia, was not much while the trade balance was in the favor of Russia. Even though, the bilateral trade is improving gradually, it is still not satisfactory. Pakistan can export garments, textile, and leather, sports good and surgical equipment to the Russian market while Moscow can enhance exports of power equipment, steel, urea and chemicals.
We believe that this is a great initiative as it will benefit both nations in the longer run.