Pakistan and Russia agree to foster ties in multiple sectors: prospects discussed
ISLAMABAD (October 03 2010): Pakistan and Russia have stressed the need to initiate discussion on 'Bilateral Investment Treaty', establish joint investment council and a financial company to strengthen the economic ties existing between the two countries.
This was stated by Chairman Board of Investment (BoI) Saleem H. Mandviwalla who is on a week visit to Russia, said a press release received here on Saturday.
Chairman BoI said that the meeting with Russian Deputy Minister in the Ministry of Economic Development and Trade of Russian Federation was of vital importance in view of the aforementioned areas. Having acute understanding of the usefulness of working together, the two sides agreed in principle on the prospects for mutual co-operation in investment, trade and businesses.
Mandviwalla said that Inter RAO UES OZSC, leading company in electricity power production, investment, import, export groups, expressed great interest in setting up a plant of 200MW power capacity in Pakistan to meet the current short fall of electricity. In this regard, RAO UES OZSC suggested that electricity power could be transferred/exported through Tajikistan.
The projects and business lines discoursed with the company were discussed with VTB for financing so that these projects could be executed without any delay. He said he also met RusAl, world's biggest aluminium producer, which showed interest in exploring aluminium in Pakistan. In Punjab, Khushab is bestowed with extensive aluminium reserves and with the investment, Pakistan can well meet its domestic requirements.
Another meeting with VTB Capital was held in Moscow. VTB Capital is the investment arm of VTB banking Group, an international financial group. Chairman BoI had a detailed discussion about the finance arrangements in acquiring investment in certain areas with immediate investment demands. The bank assured timely finances to Pakistan in the fields of hydro power and other areas of concerns.
Meeting with Gazprom Zarybezhneftgaz for oil and gas exploration in Pakistan also ended with meaningful decisions. Gazprom Zarybezhneftgaz is a leading Russian company, featuring major business lines; geological exploration, production, transportation, storage, processing and marketing of hydrocarbons as well as generation and marketing of heat and electric power. Gazprom purported oil and gas exploration and production, enhancing valuable components extraction from natural gas and boosting advanced processing products output in Pakistan.
Mandviwalla also mentioned his meeting with Tyazhpromexport to enhance the current capacity of Pakistan Steel Mill and transforming it in a profit generating entity. Tyazhpromexport is the principal organisation in building Pak-steel in the Soviet days and has currently shown interest in its expansion/refurbishment.
General Satellite- a telecommunication group gave a detailed presentation on the development of all types of STBs along-with the relevant software, control systems middle-ware (CSMW) for operator functioning, radio electronic equipment for surface mount and three-dimensional wiring, including metal and plastic elements and participation in large scale digital broadcast projects as a system integrator.
They showed great interest to invest and modernise the home TV technology in Pakistan. Chairman BoI said that there was another meeting with Russian business representatives/investors at Embassy Residence to discuss the matters of mutual interests and immediate concerns and issues between the two countries. The purpose of the meeting was to start Pak-Russia investment projects without delay.-PR