KARACHI, Feb 4: Consul General of the Russian Federation Vladimir P Mikhaylov said on Tuesday that time has come to form Pakistan-Russia Business Council for the promotion of trade and mutual benefit of the business community of both the countries.

Speaking as a chief guest at a luncheon meeting organized by a group of businessmen having direct trade link with the Russian Federation, he said unlike in the past the Russian economy is now open and run by private sector on the basis of market forces.

Mikhaylov expressed the hope that the expansion work of the Pakistan Steel would be undertaken at the earliest.

Welcoming the President Musharraf’s visit to Russian Federation, he said, it will prove a confidence building measure between the two nations.

He said that it would also help promote two-way trade, which is presently at a dismal level of $84 million between the two countries. He said that Pakistan could import engineering goods for its development from Russian Federation and export consumer goods such as textiles, rice, food products, furniture, carpets, sanitary wears, sea food, etc.

Dr Zahid Hasan of Sabina Pak welcoming the guest said that presently a number of Pakistani companies are importing steel products from Russia.