PR No.163 Islamabad, April 20, 2016

Minister of State for Board of Investment Dr. Mifta Ismail met with H.E. Volodymyr Lakomov, Ambassador of Ukraine in Pakistan today.

Agenda of the meeting was to discuss some important aspects of bilateral cooperation between Ukraine and Pakistan in the Economic, Trade and Investment sphere.

Minister of State was briefed by the Ambassador of Ukraine about the 3rd mutual agreement on investment’s draft (other two being, Trade agreement, and Taxation avoidable agreement) which has been finalized by the Ukraine for the consideration of Pakistan.

Although the Foreign Direct Investment between Pakistan and Ukraine is nil but our trade has been improved over the years. Total trade between the two countries was $ 275,862 in year 2014-2015 as compared to the $186,135 in the year 2013-2014. Our major exports include; staple fiber, edible fruits, nuts, plastic and related articles, cotton, toys, sports requisites, articles of leather, animal gut, and travelling goods etc. Similarly our imports include Iron and steel, oil seeds, grain, cereals, vegetables, dairy products, honey, fertilizers and wheat etc. Based on the recent trends and keeping in mind the international arbitral awards, Pakistan is also revising the draft of BIT (Bilateral Investment Treaty) in consultation with relevant stakeholders. Therefore further negotiations with any country will be done accordingly.

Minister of State and Ambassador of Ukraine discussed the cultural aspects of the countries.

Meeting was attended by the federal secretary BOI Azhar Ali Chaudhry.