LAHORE, Nov 17: Russian Federation Deputy Trade Representative Stanislav B. Ovsyannikov has called upon Pakistani entrepreneurs to explore the untapped Russian market.

Talking to Lahore Chamber of Commerce and Industry President Mian Shafqat Ali here on Thursday, he said the Russian market had a lot of potential for genuine businessmen and Pakistani products could get the right place in it owing to their good quality.

He said Pakistani and Russian businessmen could also start joint ventures in their respective fields and take bilateral trade to new heights through sector specific efforts. “Russia has also a lot to offer to Pakistan for technical upgradation of its industrial units. Russia is also rich in natural resources and Pakistani investors could benefit from its business friendly policies,” Mr Ovsyannikov maintained.

Shafqat Ali said Pakistan was thankful to Russia for helping it in setting up Pakistan Steel Mills which had played a crucial role in industrial development. It was the major source of steel products for the industry.

The LCCI chief said it was heartening to note that the volume of bilateral trade between Russia and Pakistan had increased to $154.8 million during the last year after reducing from $140 million in 1995-96 to $60 million during 2002-03.

He said Pakistan could supply all types of textile products, leather and leather products, surgical goods, sports goods, agro-based products, fresh fruits and vegetables, fish and fish preparations, carpets and rugs and pharmaceutical products to Russia.

LCCI Vice-President Aftab Vohra said the profile of Pakistani and Russian economies suggested brighter prospects of joint ventures in food processing, oil and gas, mineral exploration, energy, engineering, transport, automobile, cement, industrial chemical, rubber products and fertilizer sectors in which the latter was at an advanced stage of development.