Pakistan’s Federal Minister of Energy, Khurram Dastagir, Minister for Maritime Affairs, Faisal Subzwari, and Consul General of Russia, H. E. Andrey Viktorovich Fedorov, welcomed the first direct cargo ship from Russia.
On May 25, a landmark event took place in Pakistan’s southern port city as the Russian cargo vessel arrived at Karachi International Container Terminal (KICT) marking the beginning of a direct shipping link between the two nations.
Loaded with 2000 transshipment containers, Crystal Saint Petersburg‘s arrival is highlighting the profound market access and cost-saving benefits it brings to Pakistani exporters targeting Russia’s extensive consumer market.
It’s worth noting that India and China became the largest buyers of Russian energy last month, accounting for more than two-thirds of the country’s coal exports sent to Asia. Meanwhile, South Korea, Vietnam, Malaysia, and Sri Lanka have also become significant buyers of Russian energy items, with Saudi Arabia and the UAE stepping up their purchases of Russian fuel.
Now it seems that Pakistan is also realizing the immense benefit it can reap from improving its bilateral trade ties with Russia.
The ceremonial welcome that Crystal Saint Petersburg received upon her arrival is a testament to the budding trade ties between the two nations.
Landmark Occasion
Federal Minister of Energy Khurram Dastagir, Minister for Maritime Affairs Faisal Subzwari and Consul General of Russia H. E. Andrey Viktorovich Fedorov welcomed the vessel during a ceremony held in Karachi.
The ministers said that the arrival of Crystal Saint Petersburg is a “landmark occasion” as it is the start of direct shipping service between Russia and Pakistan, which is being described as a new chapter in the bilateral relations.
At the inauguration ceremony energy minister Khurram Dastagir said that the start of direct shipping service between the two countries would further deepen the bilateral economic relations.
“Connectivity, especially through trade and infrastructure, is part of a vision of the present government for prosperity,” Dastagir said, adding that an accord was signed last week to boost trade relations between the two countries.
He went on saying that the Russian economy is five times bigger than Pakistan’s by GDP, hence, Pakistan is seeking a comprehensive free trade agreement with Russia.
“We are slashing tariffs and promoting investments,” Dastagir announced during the ceremony.
According to figures compiled by bankruptcydata.com, US corporations are filing for bankruptcy at the fastest pace since 2010. As per the data, twenty-seven large debtors have filed for bankruptcy.
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