PTBP Web Desk

In a significant stride towards strengthening bilateral ties, Russia and Pakistan have embarked on discussions aimed at fostering economic cooperation across various sectors. The Special Investment Facilitation Council (SIFC) serves as the platform for these deliberations, paving the way for enhanced collaboration between Islamabad and Moscow.
The discussions encompass a wide array of domains, reflecting the depth and breadth of the potential partnership between the two nations. At the forefront is the exploration of cooperation within the banking sector, which holds paramount importance in facilitating mutual settlements between Russia and Pakistan. Key agenda items include the establishment of correspondent accounts and branches of banks from both countries within each other’s territories, alongside the integration of Pakistani banks into Russia’s Financial Messaging System (SPFS).
Moreover, both sides have expressed keen interest in fostering investment and exploring opportunities for barter trade. Exchange of lists pertaining to free trade zones signifies a commitment to expanding economic engagement. Deliberations also extend to formulating frameworks for barter trade operations between Pakistan and Iran/Afghanistan, along with identifying Pakistani companies eager to engage in such transactions with Russian counterparts.
Transportation emerges as another pivotal area of discussion, with a focus on optimizing cargo transportation via the port of Karachi and developing the “Quetta-Taftan” railway section as part of the “North-South” International Transport Corridor. Prospects of Russian ships gaining access to the port of Gwadar and the establishment of direct flights between Russia and Pakistan are also being explored, underscoring efforts to enhance connectivity between the two nations.
In the realm of energy, comprehensive plans for the development of Pakistan’s gas industry are under consideration, alongside initiatives aimed at modernizing energy-generating capacities. Russian companies are poised to play a significant role in these endeavors, with discussions also revolving around potential collaboration in the construction of the Iran-Pakistan gas pipeline and exploring swap gas supplies.
Industrial cooperation features prominently on the agenda, with Pakistan expressing interest in leveraging Russian expertise for the modernization of transport infrastructure and various industrial facilities. Additionally, discussions encompass the creation of new enterprises, signaling a commitment to fostering innovation and economic diversification.
Addressing Pakistan’s agricultural needs, both nations are exploring avenues to expand the supply of fertilizers and enhance trade turnover in agriculture products. Furthermore, discussions on mutual supplies of medicines and medical devices reflect a shared commitment to addressing healthcare challenges and promoting public well-being.