By Anzal Amin
ISLAMABAD: In a major setback for India on diplomatic front, Russia has signed a massive investment agreement with Pakistan.
The regional influence of India is facing a major blow following the progress in the strategic partnership between Russia and Pakistan, according to reports from Arab media outlets.
Citing Pakistan’s improving economic reputation, Russia signed a major investment agreement with Islamabad, signaling a shift that could reshape the regional balance of power.
Media reported that both the countries have agreed on bilateral trade worth $1 billion just recently.
A report by The Diplomat further highlights Russia’s recognition of Pakistan’s strategic role in connecting with Central Asia.
In this context, a new barter trade system between the two countries is also under consideration. The import of oil and gas from Russia is also being seen as a major breakthrough for Pakistan. According to sources, a new industrial plant is being constructed on 700 acres of Pakistan Steel Mill land by using advanced Russian technology.
This project is expected to significantly reduce the cost of crude oil transportation.
Meanwhile, India has allegedly attempted to undermine the growing Pakistan-Russia ties through propaganda campaigns.
However, the increasing confidence of both Russia and China in Pakistan is being hailed as a clear testament to the success of Pakistan’s foreign policy initiatives.
