ISLAMABAD, Aug 18: Islamabad and Moscow are carrying out legal formalities to create a Pakistan-Russia Business Council.

Sources told Dawn on Sunday that both the countries through the proposed body had targetted a turnover of over $1 billion trade and investment in the forthcoming year.

“We expect that the Pakistan-Russia Business Council will be fully operational by mid-September,” said a senior diplomat involved in the process.

The proposed business council will comprise top entrepreneurs from both the countries to help jump start bilateral trade and investment.

“An excellent beginning has already been made, and we are aiming at a turnover of over $1 billion in the coming year,” a well placed government official told Dawn the other day, adding that this was the only way to develop leverage, which was the essence of all diplomatic endeavours.

Informed sources said the initiative for the council had been taken last year by Pakistan’s Ambassador to Moscow Iftikhar Murshed, who is considered one of the most ‘motivated stars’ of country’s foreign service.

“The ground-breaking efforts to form the council are being made in an area to which the present government gives highest priority,” remarked a senior official at the Ministry of Foreign Affairs.

Islamabad and Moscow had had strained relations for several years. But their ties improved after Pakistan had joined the US-led coalition against terrorism last year, and since April 2002 there have been some particular positive signs for improving the ties.

A Russian parliamentary delegation, headed by the chairman of the foreign relations committee of the Duma, had visited Pakistan in April 2002 and expressed eagerness for establishing ties with Pakistan, a sentiment shared by the Ministry of Foreign Affairs in Islamabad that underlined the need to upgrade relations with Russia.