ISLAMABAD: Defense Minister Khawaja Muhammad Asif has said Pakistan is seeking a long-term partnership with Russia in the fields of defense, trade and energy, state broadcaster Radio Pakistan reported on Tuesday amid a push by Islamabad to secure foreign investment to shore up its struggling economy.
Pakistan and Russia, once bitter Cold War rivals, have recently warmed up and held regular business and trade interactions in an effort to boost ties and enhance trade and regional cooperation. Pakistan in particular wants to enhance bilateral trade with landlocked Central Asian countries through Russia.
Last week, Pakistan’s privatization minister led a delegation of over 70 businesspersons to the inaugural trade and investment forum in Moscow and Russian Deputy Prime Minister Alexei Overchuk was also in Islamabad on a brief visit in September.
“He said Pakistan intends to forge a long-term multidimensional partnership with Russia, especially in the fields of defense, trade, energy and people-to-people contacts,” Radio Pakistan reported after Asif met Russia’s Ambassador to Pakistan Albert P. Khorev in Islamabad.
Apart from economic and defense cooperation, Pakistan has also turned to Russia for cheaper sources of fuel in recent years and started purchasing Russian crude oil at a discounted rate last year. Pakistan also received its first shipment of liquified petroleum gas from Russia in September 2023, marking Islamabad’s second major Russian energy purchase.
Pakistan has increasingly sought trade and investment cooperation with allies and beyond in recent months, as well as help from the International Monetary Fund (IMF), as it navigates a macroeconomic crisis that has drained its resources.
The South Asian country narrowly avoided a sovereign debt default last year when it secured a last-gasp $3 billion financial assistance package from the IMF. The lender last month approved a $7 billion bailout deal that will require Pakistan to pursue “sound policies and reforms” to strengthen macroeconomic stability and address structural challenges alongside “continued strong financial support from development and bilateral partners.”
