KARACHI, Oct 16: The open economy policies of Russian Federation has opened new avenues of cooperation between Pakistan and Russian Federation and both countries will ensure taking maximum benefit from it.

This was stated by Vice Chairman, Export Promotion Bureau, Abid Javed Akbar in a meeting with a visiting Russian trade and investment delegation who called on him here on Saturday, EPB release said.

The delegation headed by Trade Representative of Russian Federation in Pakistan, Vitaly Glinking included Chairman Russian Chamber of Commerce, General Director Russian Academy of Business and Commerce Olga-B-Khlybavo and trade representative of Russian Federation in Karachi.

Welcoming the delegation, Abid Javed Akbar said presently the Russian economy was undergoing a transition towards market economy and holds significant potential.

He expressed the hope that the visit of Russian Federation delegation would further strengthen trade relations and provide an opportunity to the businessmen of both sides to expand their trade.

Previously the Russian economy was planned and was limited to only barter and repayment of credits. The trade volume, therefore, remained limited.

With the transition to market economy, Pakistan is making all out efforts to broaden its trade relations with Russia and to expand its product base as well as company base, he noted.

He said during last year, exports of Pakistan to Russian Federation increased considerably, reaching the level of $20.5 million against the previous year's $10.3 million.

Pakistan's principal exports to Russian Federation are cotton fabrics, bed wear, sports goods, surgical instruments, apples and chemicals. He said the Russian market also has a high potential for the export of Pakistan products like leather and leather products, denim fabrics and knitted and woven garments.

Abid Javed Akbar said: "our government gives high importance to improving Pakistan's commercial relations with the Russian Federation. The President of Pakistan visited the Russian Federation in October 2003, leading a delegation of 21 top businessmen, as a result of which commercial relations between the two countries increased considerably.

As a follow-up, he said, the Minister of State and Chairman, EPB, paid a visit to the Russian Federation leading a delegation of 26 top businessmen.

Vice Chairman EPB said export Promotion Bureau has also focused on non-traditional markets and Russian Federation has been given prime importance and for the first time EPB participated in six exhibitions held in the Russian Federation. Prominent among them were MOS Leather Show in June 2004, World Feed Moscow in September 2004 and Heimtextile Russia in September.

"Our home textiles and bedlinen are very popular in the European Union and America," he added. In world food expo 2003, Pakistan introduced rice, spices and processed foods. EPB will also participate in CPM collection premier Moscow in February next and Heimtextile Moscow in April.

Akbar said EPB is participating in about 60 to 70 exhibitions the world over as a marketing tool, which plays a key role in increasing Pakistan's trade.

VC EPB also enquired about the banking channels operating in the Russian Federation. The leader of the delegation informed that with the opening of Citibank and other international banks, banking has improved.

Vice Chairman, EPB invited the Russian delegation to participate in Pakistan's largest mega show "Expo Pakistan 2005" to be held at Karachi from February 2 to 5, 2005, where a large variety of products will be displayed and a large number of local and foreign businessmen visit.

Olga B. Khlybavo of Russian Academy of Commerce confirmed that a strong delegation of Russian businessmen would visit Expo Pakistan 2005.

The leader of the delegation of Russian Federation Vitaly Glinkin said meetings of the delegation with Pakistan businessmen and government functionaries were fruitful and result- oriented and trade relations will further increase in near future.

The delegation also visited EPB's display centre and showed their keen interest in Pakistan's products like textile clothing, leather goods, surgical instruments, sports goods and ceramics.-APP