TEHRAN -The bilateral trade between Pakistan and Russia increased to $660 million during 10 months of the current calendar year, and is expected to reach around $750 to $800 million by year-end.

It was announced by Russia’s trade representative Yury Kozlov , who said there was huge potential to boost the existing trade volume between the two countries, which has seen slow pace due to lack of direct banking channels.

“The State Bank of Pakistan and the Central Bank of Russian Federation signed a memorandum of understanding (MoU) in January 2018, but the progress was too slow as not much has happened since then,” Kozlov said during a meeting at Karachi Chamber of Commerce and Industry (KCCI). “Therefore, the state banks of both countries will have to act more energetically.”

The Russian official informed that Russia was engaged in numerous projects and was cooperating with Pakistan in the construction of north and south gas pipeline from Karachi to Lahore and also engaged in a project at Jamshoro Power Plant for production of 600MW.

“Russia had offered assistance in the expansion of Pakistan Steel Mills while Russia’s Gazprom has also shown interest in financing Iran-Pakistan (IP) gas pipeline project,” he added.

He said all these Russian companies were keen to explore opportunities in Pakistan, whereas the business and industrial community of Karachi Chamber should look into the possibility of participating in numerous trade exhibitions in Russia.

He further asked KCCI to send a trade delegation to Russia to enhance the existing trade and investment cooperation between the two countries.