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Russia may invest $5 bln in Pakistan in next five years

"I expect that in the next five years, Russia’s companies may invest at least $5 billion in Pakistan in such spheres as energy, coal mining and metals industry," Pakistani official said

© ITAR-TASS/Valeriy Matytsin

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ST.PETERSBURG, June 18. /TASS/. New investments of Russia’s companies in energy, coal mining and metals industry of Pakistan may reach $5 billion in the coming five years, the vice president of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said on Thursday.

"I expect that in the next five years, Russia’s companies may invest at least $5 billion in Pakistan in such spheres as energy, coal mining and metals industry," Muhammad Waseem Vohra told the St. Petersburg economic forum.

Russia could also invest funds in creating petrochemical enterprises in Pakistan, he said.

Pakistan, which seeks to join the Shanghai Cooperation Organisation (SCO), Russia and other members of the group should have closer ties, Vohra said.

The real prospects of this rapprochement are linked to the implementation of the Pakistan-China economic corridor (CPEC) project, he said. The project will connect China’s Kashgar city with Gwadar Port in southwestern Pakistan.

Russia may join the project and the legal basis is ready for this. "There are no restrictions on the number of countries that will use Gwadar Port," he stressed, adding that the participation will allow Russia’s companies to carry out the transit of cargos to the Persian Gulf via the port.

Russia’s companies that seek to supply their goods to the Middle East countries, Pakistan and India will benefit from this, he said.

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