For the first time in history, Pakistan and Russia on Tuesday signed a barter trade deal in Moscow.

Sharing a post on social media platform X, the Pakistan embassy in Russia said that on the sidelines of the Pak-Russia Trade & Investment Forum, a memorandum of understanding (MoU) on barter trade was signed between LLC “Astarta Agrotrading” and Pak Meskay and Femtee Trading Company and National Fruit Processing Factory.

It is pertinent to mention here that the first Pakistan-Russia Trade and Investment Forum is taking place in Moscow.

Minister for Privatisation Abdul Aleem Khan, in his remarks, on the occasion expressed the confidence that this forum marks the start of new bilateral relations between the two countries.

He said Pakistan-Russia have longstanding diplomatic and commercial relations. He said Pakistan attaches great importance to its relations with Russia, emphasising that both sides have a great scope of joint ventures in different fields.

The privatisation minister highlighted the attractive business environment offered by Pakistan. He said Pakistan constitutes the fifth largest market in the world and it has the most liberal trade and investment regime in the region, saying the foreign investment in Pakistan is fully protected.

“All our economic sectors are open for investment.”

In his remarks on the occasion, Pakistan’s Ambassador to Russia Muhammad Khalid Jamali expressed satisfaction that bilateral trade between Pakistan and Russia has crossed the one billion dollar threshold, saying this reflects the growing interest of both countries to enhance their economic and trade relations.

The ambassador said Pakistan views Russia as an important and reliable trade partner and looks forward to working with it to enhance economic relations.

Yousuf Hussain, president and CEO of Faysal Bank Limited, has been elected president of the Overseas Investors Chamber of Commerce and Industry (OICCI) for the 2024-2026 term.

In addition to Hussain, Jason Avancena, managing director and CEO of Nestle Pakistan Ltd, has been appointed as senior vice president, while Syed Ali Akbar, managing director and CEO of Pakistan Tobacco Company (Pvt.) Ltd, will serve as vice president.

The newly formed managing committee includes prominent leaders from various sectors, including:

In maiden address, Yousuf Hussain acknowledged the complex economic environment facing Pakistan, noting both challenges and opportunities.

He was of view that the country of 242 million stands at a pivotal moment while inflation is easing and we are seeing slight GDP growth recovery, significant structural challenges remain. These can drive necessary reforms and foster a sustainable business environment.”

Outgoing president Rehan Shaikh emphasized the chamber’s role in collaborating with government entities to address economic challenges. He highlighted OICCI’s efforts in promoting Pakistan’s investment opportunities to foreign delegations, positioning the country as an attractive destination for foreign direct investment (FDI).

Abuzar Shad, Khalid Usman, Shahid Nazir take oath as LCCI president, SVP, VP

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ISLAMABAD – The Competition Commission of Pakistan (CCP) has held its first hearing for the Phase II Merger Review concerning PTCL’s acquisition of 100% shareholding in Telenor Pakistan (Private) Limited (TP) and Orion Towers Private Limited (OT).

The hearing was presided over by CCP Chairman Dr. Kabir Ahmed Sidhu, along with members Salman Amin and Abdul Rashid Sheikh.

Senior Counsel Ms. Rahat Kaunain Hassan represented PTCL, emphasizing the potential economic benefits and growth opportunities the transaction could bring to Pakistan. Hatem Bamatraf, President & Group CEO of PTCL, Robert Middlehurst, and PTCL’s senior management also shared key insights into the merger.

The CCP then offered opportunity to M/s Wateen Telecom Limited, represented by Mian Sami-ud-Din. He concluded his preliminary submissions.

Other key attendees included Khurram Ashfaque, CEO of Telenor Pakistan, Andreas Hogberg, CEO of Orion Towers, Fawad Ahmad Khan, Group Director of Regulatory Strategy & Compliance (PTML), Amer Shahzad, DG Wireless Licensing (PTA), and representatives from Jazz, Wateen, Transworld Associates, Cm Pak LDI Ltd, and the Frequency Allocation Board.

The CCP’s Phase II Merger Review, conducted under Section 11(6) of the Competition Act 2010, is focused on examining the market share dynamics and potential risks of market concentration. As the review continues, the CCP encourages all stakeholders to provide their input.

The next hearing is scheduled for October 2, 2024, where Wateen will present its arguments on merits and other stakeholders will also be making their submissions on the proposed merger.