Federal Minister for Economic Affairs Hammad Azhar on Wednesday said that Russian involvement in development projects will be mutually beneficial for both Russia and Pakistan.

Addressing a press conference alongside Russian Trade Minister Denis Valentinovich in Islamabad, Azhar specifically highlighted cooperation in the railway sector.

"Russia is exporting [railways] equipment to European countries. On the other hand, Pakistan's workshops are obsolete and desperately need to be upgraded.

"Pakistan can derive enormous benefits by entering into a partnership with our Russian counterparts," he said.

"There are lessons that can be learnt, technology that can be transferred. We can enhance our locomotive and carriage productions. All of this can be made possible by entering into a partnership with Russia. We look forward to that," Azhar added.

Citing the example of the Guddu power plant, the minister maintained that Pakistan has a long history of mutual assistance with Russia where power generation is concerned.

"We [the government] believe when it comes to new [power] projects and upgrading existing projects, Russia has an understanding of our energy needs and of the terrain," the minister said.

According to Radio Pakistan, the sixth meeting of the Pakistan-Russia Intergovernmental Commission was held at the Foreign Office today.

During the meeting, the federal economic minister informed the Russian delegation of Pakistan's recent economic developments and highlighted the country's improved economic indicators, according to a press release.

Both the sides exchanged views on future cooperation in multiple sectors, especially energy, trade, transport, railways, agriculture and science and technology. Removing a temporary ban on Pakistan's agricultural exports, including rice and potatoes, was also discussed.

In addition, both sides agreed to increase bilateral trade through greater cooperation and enhance business activities.