ISLAMABAD, Sept 26: The economic and technical cooperation between Pakistan and Russia is well on track especially after the high-level exchange of visits between the two countries during the current year.

The signing of the MoU between Russia and Pakistan during President Musharraf’s visit to Russia, earlier this year, has enabled both the countries to expand the level of their cooperation.

This was stated by the Federal Minister for Industries and Production Liaquat Ali Jatoi, while addressing a Press conference in Moscow at the end of his 3-day visit to Russia, says a fax message received here on Friday from Moscow.

He said the main purpose of his visit was to ascertain the extent of cooperation with Russia as regards the expansion of Pakistan Steel.

Referring to the role of Russian metallurgical organisation Tyazpromexport in the construction of Pakistan Steel, the minister said that Pakistan would welcome it once again to help increase the volume of the production of Pakistan Steel.

He said at present only 29 per cent of domestic requirement was being fulfilled by the Pakistan Steel and the country was in real need to complete its expansion, which would be undertaken in two phases.

The Minister said there was a great demand for steel products in Pakistan and the level of demand can reach 11 million tons as “we foresee a lot of construction activity in the country including in the housing sector and also for the reconstruction of Afghanistan in coming years.”

This he said calls for a natural cooperation between Russia and Pakistan in steel sector.

Liaquat Jatoi also invited Russians to invest in the automobile sector in Pakistan saying, “we need economical and affordable cars for the common man,” while at the same time check the skyrocketing automobile prices in the country especially cars, jeeps, tractors and bulldozers.

Mr. Jatoi underlined the role of Inter-governmental Commission, set to meet in first quarter of next year and said it will further accelerate the economic and technical cooperation between the two countries.

Explaining various features of the investment environment in Pakistan, the Minister said that stable conditions prevailed in Pakistan, which were ideal for investment. The foreign capital was fully secure with constitutional guarantees in place.

Pakistan, he said, was a potential market of over 140 million people and there was great scope in engineering and chemical sectors, besides the textile and leather industry.

He also invited Russians to invest in hydel power generation projects.