ISLAMABAD: Pakistan and Russia signed eight memorandums of understanding (MoUs) in the fields of health, trade and education on Wednesday, the energy ministry said, as Islamabad eyes foreign investment and enhanced cooperation to stabilize its fragile economy.
The agreements were signed during the 9th Inter-Governmental Commission meeting in Moscow between Pakistan and Russia. The Pakistani side is being led by Federal Minister for Energy Sardar Awais Leghari as Islamabad and Moscow discuss different bilateral trade options.
“Federal Minister for Energy Sardar Owais Ahmed Leghari, who is in Moscow along with a delegation, signed eight agreements between Russia and Pakistan,” the ministry said.
One of the eight agreements was between Pakistan’s COMSATS and Peshawar University with Russian educational institutions, the ministry said, while others related to the production of insulin and enhancing trade and industrial cooperation.
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.
In 2023, Pakistan’s bilateral trade with Russia reached $1 billion. This was an increase from 2022, when Russia exported $505 million to Pakistan and Pakistan exported $75.8 million to Russia.
