Business leaders of Pakistan and Belarus after meetings at the Pak-Belarus business forum organized by the Board of Investment have signed 12 contracts worth $42 million on Monday.

The Belarus delegation was led by Minister for Industries Vitaly Vovk, representatives of 36 companies from Belarus working in the fields of farm machinery, agricultural inputs, engineering, oil refining, medicine, chemicals, light industry, minerals and gems and jewellery took part in the forum.

More than 60 representatives from Pakistan led by BoI chairman Miftah Ismail interacted with Belarusian businessmen.

Pakistan is one of the key markets for Belarusian tractors outside the Common¬wealth of Independent States, with annual supplies of around 4,000 units. Besides, major exports to Pakistan include potash fertilisers and synthetic fibre, while Belarus imports textiles, leather, rice, fruits and leather products.

Mr Ismail said that the agreements would help enhance bilateral trade which is hovering at $30m per annum. The volume of bilateral investment was also negligible and it did not reflect the potential existed between the two countries. He emphasized the need for cooperation between the two countries in the field of banking.

The Chairman of the Belarusian Chamber of Commerce and Industry, Mikhail Myatlikov said that the Belarusian companies were eager to introduce their products in Pakistan. Talks with the business community will be held at a local chamber of commerce and industry on Tuesday.

Speaking at the business forum, the chairman of Amkodor Holding Company, Alexander Shakutin, said that his company was prepared to open its special-purpose vehicles plant in Pakistan.

The Chairman of Bellegprom Concern, Niko¬lai Yefimchik said that Belarus was Pakistan’s large market in light industry. Pakistani business concerns had shown interest in fabrics, particularly poly-viscose manufactured in Belarus. He also expressed keen interest to set up a joint enterprise to manufacture goods from Belarusian flax and Pakistani cotton.

The Belarusian business delegation expressed interest in cooperating in the leather industry as Pakistan produces high-quality leather used in footwear and furniture.