ISLAMABAD: Business leaders of Pakistan and Belarus signed 12 contracts worth $42 million on Monday.

The contracts were signed after meetings at the Pak-Belarus business forum organised by the Board of Investment.

Led by Minister for Industries Vitaly Vovk, representatives of 36 companies from Belarus working in the fields of farm machinery, agricultural inputs, engineering, oil refining, medicine, chemicals, light industry, minerals and gems and jewellery took part in the forum.

Also read: Belarus president due on Tuesday

More than 60 representatives from Pakistan led by BoI chairman Miftah Ismail interacted with Belarusian businessmen.

Talking to Dawn, Mr Ismail said the agreements would help enhance bilateral trade which is hovering at $30m per annum. The volume of bilateral investment was also negligible and it did not reflect the potential existed between the two countries, he added.

He emphasised the need for cooperation between the two countries in the field of banking.

Pakistan is one of the key markets for Belarusian tractors outside the Common­wealth of Independent States, with annual supplies of around 4,000 units. Besides, major exports to Pakistan include potash fertilisers and synthetic fibre, while Belarus imports textiles, leather, rice, fruits and leather products.

The Chairman of the Belarusian Chamber of Commerce and Industry, Mikhail Myatlikov, told newsmen that the Belarusian companies were eager to introduce their products in Pakistan.

He said talks with the business community would be held at a local chamber of commerce and industry on Tuesday.

The Chairman of Bellegprom Concern, Niko­lai Yefimchik said that Belarus was Pakistan’s large market in light industry. Pakistani business concerns had shown interest in fabrics, particularly poly-viscose manufactured in Belarus, he said.

He expressed keen interest to set up a joint enterprise to manufacture goods from Belarusian flax and Pakistani cotton.

The Belarusian business delegation expressed interest in cooperating in the leather industry, saying that Pakistan produced high-quality leather used in footwear and furniture.

Speaking at the business forum, the chairman of Amkodor Holding Company, Alexander Shakutin, said that his company was prepared to open its special-purpose vehicles plant in Pakistan.

Published in Dawn, May 26th, 2015

On a mobile phone? Get the Dawn Mobile App: Apple Store | Google Play