Russia has officially launched its Honorary Consul in Peshawar. This decision has been taken in light of the massive 33% jump in bilateral trade between the two countries. The value of trade between both countries stands at $541 million, which is a $141 million jump from last year’s figure.
The Russian Ambassador to Pakistan, Alexey Yurievich Dedov commented that the Consul will be vital in further boosting bilateral trade. This statement came amidst his meeting with the business community of KPK in the Chamber House.
He also commented that Russia is constantly working to increase the trade volume between the two countries, which is apparently “too low” as of now. According to him, Russia believes that there is a lot of trade potential in Pakistan which has not been exploited yet.
Recently a Russian firm penned down an agreement to open an oil refinery in KPK while another expressed interest in modernizing Pakistan Railways. The Ambassador also emphasized on the need for exchanges of business delegations between the two countries to encourage business tycoons of both countries to invest in the other country.
The Sarhad Chamber of Commerce and Industry (SCCI) President, Zahidullah Shinwari, commented that the China Pakistan Economic Corridor will be vital in encouraging trade between the two countries.
Furthermore, he also remarked that KPK can greatly benefit from Russia’s demand for organic agricultural products.