First Pakistan-Russia Trade and Investment Forum kicks off in Moscow

Pakistan’s Minister for Board of Investment, Privatization and Communications Abdul Aleem Khan is chairing a meeting in Islamabad, Pakistan on April 25, 2024. (@investinpak/File)
Short Url
Updated 01 October 2024
Follow

First Pakistan-Russia Trade and Investment Forum kicks off in Moscow

  • Over 70 Pakistani businesspersons, 100 Russian companies are taking part in event 
  • Ties between Pakistan and Russia, once Cold War rivals, have warmed up in recent years 

ISLAMABAD: Pakistan’s Privatization Minister Abdul Aleem Khan has said Islamabad is seeking enhanced cooperation with Russia in several avenues, as the first ever trade and investment forum between the two countries kicked off in Moscow on Tuesday. 

Khan is leading a delegation of over 70 businesspersons from various sectors in the first ever Pakistan-Russia Trade & Investment Forum in Moscow. According to the state-owned Pakistan Television News, over 100 Russian companies are taking part in the forum as well. 

Speaking at the forum, Khan said the current volume of trade between the two countries does not reflect the true potential of Pakistan and Russia. The minister said today is the “start of new bilateral relations with Russia,” according to PTV News. 

“He said this forum will open new avenues of trade and investment between the two countries,” PTV said, adding that Islamabad attaches “huge importance” to its ties with Moscow. 

According to the PTV, Russian Deputy Trade and Investment Minister Alexey Gruzdev said interactions between the business delegations of both countries will have a positive impact on their bilateral ties. 

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 Asia for bilateral trade.

Islamabad’s ties with Russia also saw significant improvement last year after Pakistan started purchasing Russian crude oil at a discount. Geopolitical tensions triggered fuel prices to more than double in Pakistan last year, forcing the 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.

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


Pakistan deputy PM speaks with Iranian FM as Saudi Arabia intercepts missiles and drones

Updated 4 sec ago
Follow

Pakistan deputy PM speaks with Iranian FM as Saudi Arabia intercepts missiles and drones

  • Ishaq Dar expresses concern over evolving regional situation as both officials agree to remain in contact
  • Pakistan earlier reminded Tehran of its mutual defense pact with Saudi Arabia during diplomatic outreach

ISLAMABAD: Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar spoke with Iranian Foreign Minister Seyyed Abbas Araghchi on Friday amid escalating tensions in the Gulf, including recent missile and drone attacks targeting Saudi Arabia that were intercepted by the Kingdom’s air defenses.

The call comes as Islamabad remains in contact with both Tehran and Gulf states to prevent the widening Iran conflict from spilling further across the region, particularly after attempted strikes on Saudi territory, a sensitive development for Pakistan, which signed a mutual defense pact with the Kingdom last year.

Pakistan’s foreign ministry said Dar raised concerns about the evolving regional situation during the conversation.

“Deputy Prime Minister/Foreign Minister Senator Mohammad Ishaq Dar spoke this evening with the Foreign Minister of Iran, Seyyed Abbas Araghchi,” the ministry said in a statement.

“The DPM/FM expressed concern over the evolving regional situation. The two agreed to remain in touch on the developments,” it added.

The ministry did not share details of the conversation, though it came amid fast-moving developments in the region, with Saudi Arabia saying its air defenses intercepted multiple missiles and drones early on Friday.

Earlier this week, Prime Minister Shehbaz Sharif’s adviser on political affairs Rana Sanaullah said Pakistan was in contact with Iran to discourage attacks on Gulf countries and prevent misunderstandings.

“Such attacks should not be carried out from Iran’s side,” he told Geo TV.

Prior to that, the deputy prime minister told Pakistan’s Senate that Islamabad had engaged both Iran and Saudi Arabia at the outset of Iran’s retaliation in the region, reminding Tehran of its defense agreement with Saudi Arabia and conveying assurances from Riyadh that Saudi territory would not be used against Iran.

Pakistan says its administration is striving to end the conflict, though the United States-Israeli strikes on Iran, which triggered the war and led to its spillover, have only intensified.

Iranian President Masoud Pezeshkian said on Friday some countries had begun mediation efforts but insisted Tehran would defend its sovereignty.

Meanwhile, US President Donald Trump has called for Iran’s “unconditional surrender” on his Truth Social platform as the confrontation shows little sign of easing.