Islamabad (TDI): Pakistan is set to engage in high-level talks with Russia next week to strengthen economic ties and explore potential investment in key infrastructure projects.
The three-day discussions will take place under the Pakistan-Russia Intergovernmental Commission (IGC), marking its ninth meeting after nearly two years.
The delegation will be led by Power Minister Sardar Awais Leghari, replacing Minister for Economic Affairs Ahad Khan Cheema, the IGC co-chairman, The Express Tribune reported.
The agenda includes a wide range of economic, trade, and commercial matters, reflecting both countries’ desire to deepen their cooperation.
The meeting comes just a week after the visit of Belarusian President Alexander Lukashenko to Islamabad, during which several agreements were signed.
Pakistan is now keen to build on its diplomatic and economic relationships with Russia, despite ongoing challenges related to international sanctions on Moscow, particularly concerning payment mechanisms.
One of the major hurdles Pakistan faces in its dealings with Russia is the difficulty in establishing an alternative payment system since Russia’s exit from SWIFT, the global financial messaging network.
Local banks remain hesitant to engage with Moscow due to the risk of Western sanctions, complicating trade between the two nations.
Despite these challenges, Pakistan is optimistic about securing Russian investment in several major infrastructure projects, the paper reported.
The government plans to pitch Russian financing for the Sukkur-Hyderabad Motorway (M-6), which is crucial for completing the Peshawar-Karachi motorway network.
Similarly, the Gwadar-Hoshab-Awaran-Khuzdar Motorway (M-8) is also on the table for Russian investment.
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Other key infrastructure projects include the Kharian-Rawalpindi motorway, the Quetta-Taftan railway line upgrade, and potentially the Diamer-Bhasha Dam.
Pakistan also hopes to secure Russian backing for the much-delayed Pak Stream Gas Pipeline (PSGP), which has faced significant hurdles due to US sanctions.
Pakistan to Pursue Discounted Russian Crude Oil
In the energy sector, Pakistan will continue to pursue discounted Russian crude oil and LNG, as well as explore further cooperation in offshore oil and gas exploration.
The two countries are also expected to discuss ways to enhance bilateral trade, including the potential for increased exports of halal meat and the establishment of joint ventures in sectors such as organic fertiliser production, electric vehicles, solar energy, and mobile devices.
