KARACHI: The chief minister of Sindh province signed a Memorandum of Understanding (MOU) on Wednesday with the vice governor of St. Petersburg in Russia.

Chief Minister of Sindh province, Syed Murad Ali Shah, and Sergej N. Movchan, Vice Governor of St. Petersburg, agreed to cooperate further in education, energy, oil, gas, textile, water filtration and pharmaceutical sectors.

Movchan leads a delegation of 40 representatives of major St. Petersburg companies aiming to forge new business links and enhance bilateral trade.

Speaking at the meeting with the delegation, Syed Murad Ali Shah said that in the emergence of a multipolar world and changing power configurations worldwide and also in the South Asian region, Pakistan’s close association with Russia is very important and cooperation between both countries would bring prosperity to the entire South Asian region.

“The current phase between the two countries is very promising and very encouraging,” he added.

As Pakistan’s Army Chief General Qamar Javed Bajwa is currently visiting Moscow, the presence of a high-powered Russian delegation in Pakistan to enhance economic cooperation is seen by many as a significant move for strengthening Pak-Russia military and economic relations in the backdrop of Islamabad drifting away from Washington.

“Our relations with Russia were strained due to Afghanistan, but now a new nexus is evolving where China and Russia are playing important role, and Pakistan is also on board,” Sindh Board of Investment Chairperson Naheed Memon told Arab News.

“In terms of business, more business is to be done with Russia than the United States,” she added.

Pakistan’s business community hopes bilateral trade volume with Russia would increase from the current $540 million. ”There is huge potential to increase trade volume as compared to around $7 billion worth of goods trading with US,” Farooq Afzal, Chairman- Pakistan-Russia Business Council of FPCCI told Arab News.

At present, there are payment issues due to the lack of banking facility between Pakistan and Russia, Afzal said hoping that the enforcement of Preferential Trade Agreement (PTA) would pave way for enhanced trade. The draft of the PTA is expected to be signed by the end of this year or early next year, he said.

Russia is currently involved in many energy projects in Pakistan and the expertise of Russian oil giants Rosneft and Gazprom have contributed significantly in developing Pakistan’s oil and gas potential.

Mutual bilateral interests in the region have brought Pakistan and Russia closer.

“Russia played an important part in improving the difficult condition of the region. Pakistan will continue to play its part in keeping the region from dividing,” Pakistan Army Chief General Bajwa was quoted as saying by local media during his Moscow visit.

“This visit is very important, keeping in view the current relations with US,” senior defense analyst, Lt. General (retired) Talat Masood, told Arab News.

“Pakistan’s relations with India and Afghanistan are also strained, therefore it is imperative to have good and strong relations with Russia,” he added.

Since the creation of Pakistan and India in 1947, India tilted towards Moscow both militarily and diplomatically. “At present India is tilting toward Washington, while Pakistan feels lack of warmth in relations with Washington,” Masood said, adding: “The situation has also compelled Russia to extend a hand toward Pakistan.”

Russian Ground Forces Commander-in-Chief Col. General Oleg Salyukov, during the meeting with his Pakistani counterpart, expressed his interest in expanding military cooperation.

Replying to a question about nature of military cooperation, Lt. General (rtd) Talat Masood said that Russia produces multipurpose defense equipment.

“Pakistan in the past has acquired Russian helicopters and can acquire more helicopters from Moscow,” he added, saying “Pakistan and Russian navies can enhance cooperation. Pakistan can acquire Russian submarines as they are good and can compete with western and American hardware.”