Islamabad: The government of Russia has pledged to invest heavily in Pakistan’s industrial sector and has offered USD 1 billion worth of financial assistance to revive Pakistan Steel Mills (PSM), according to news sources.
Pakistani officials have reported that Moscow is also ready to invest heavily in the country in order to promote bilateral trade between the two nations, and a new trade deal has been signed in this regard.
Last year, bilateral trade figures between Russia and Pakistan were recorded at USD 700 million, which included USD 150 million worth of exports and USD 250 million worth of imports.
Pakistan also repaid a USD 93.5 million debt to Russia last week, and both countries signed an agreement to settle mutual financial claims that had been delayed for a long time.
Currently, the two sides have also been discussing the North-South gas pipeline project. In addition, it is expected that Russian firms are interested in developing a gas pipeline between Karachi and Lahore, which is meant to transport imported natural gas between the two cities, and fulfill the regional demand for gas supply.