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Russia to invest in Pakistan on large scale


Atta Ur Rehman KhanWeb Editor & Columnist

10th Dec, 2019. 10:27 pm
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Russian companies are looking to invest in Pakistan’s energy sector. The companies seek a $2.5 billion gas pipeline project from Karachi to Lahore. The meeting will discuss the construction of a railway line from Quetta to Taftan.

As per local media reports, The 64-member high-level delegation from Russia will also reportedly attend the sixth meeting of the Pak-Russia Inter-Governmental Commission (IGC), as per sources. The Russian companies can invest up to $1 billion in steel mills.

Russia is also keen on major investment in the aviation sector and could offer Pakistan their most advanced passenger aircraft.

Just days ago, Pakistan and signed an agreement to settle mutual financial claims and obligations on operations of the former Soviet Union, according to which Pakistan will repay the debt to Russia in the amount of $93.5 million.

The agreement was signed between Deputy Finance Minister Sergey Storchak and Pakistan envoy to Russia, Ambassador Qazi Khalilullah. The debt repayment will reportedly give green signal to Russia to invest billions of dollars in different sectors in Pakistan, including energy and steel.

The Russian-based company developed a project of converting Muzaffargarh thermal power station to coal and establishing a 600-megawatt coal-fired power plant at Jamshoro.

Pakistani troops take part in Russian military exercises

Russia will also offer Sukhoi Superjet 100 (SSJ-100); a narrow-bodied aircraft with a dual-class cabin that can transport 100 passengers over regional routes.

Islamabad, which purchased MI-35 helicopters in 2018, is interested in other Russian hardware as well. The two nations aim to increase bilateral trade which last year stood at $700 million. Pakistan’s exports to Russia reached $150 million while imports from Russia are worth $250 million.

Earlier in September, Russia started massive military exercises involving the military troops of several allies.

According to details, troops of different nations performed military exercised during the inaugural ceremony of the event, which will last through Saturday.

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