Russian firms keen to invest in auto sector, says envoy
By A Reporter
ISLAMABAD, June 10: Ambassador of Russian Federation to Pakistan Eduard S. Shevchenko has said Russian companies are keen to invest in the auto sector to meet the demand by introducing best quality small car for the common man and manufacturing tractors through joint venture project.
He was speaking to Minister for Industries and Production Liaquat Ali Jatoi here on Thursday when the two sides met to discuss matters of mutual interest, enhancement of economic ties and expansion of Pakistan Steel Mills.
Mr Shevchenko said Russia was willing to expand the second phase of Pakistan Steel Mills as a Memorandum of Understanding (MoU) had already been signed with Russia for expansion of the first phase of Steel Mills from one million to 1.5 million tons production per annum.
Welcoming proposals from Russia for investment in the auto sector, Mr Jatoi said there was growing demand of automobiles in Pakistan and Russia would benefit from it.
Briefing the Russian dignitary about the liberal investment policies of the government, the minister said Pakistan provided the right business environment for investment as all economic indicators were moving at a good pace. Both sides stressed on the need to enhance bilateral relations in all fields and enhance economic cooperation.
