ISLAMABAD - Chairman Board of Investment Saleem H Mandviwalla said that Pakistan and Russia have restored economic relations after 25 years, as Russian businessmen are interested to invest here in different sectors including oil and gas exploration, mineral, infrastructure development, and communications. Russian has also shown interest in expansion of Pakistan Steel Mill (PSM) and in this regard we had different meetings with them, Saleem H Mandviwalla, who is already State Minister, said while addressing a press conference. The Russian Ambassador, present in the press conference, said that both the countries have agreed to enhance the existing level of trade and investment and earlier a joint ministerial commission had also been formed. Minister of State also referred the meeting with Tyazhpromexport to enhance the current capacity of PSM and transforming it into a profit generating entity. Tyazhpromexport was the principal organisation in building Pak-Steel in the Soviet days and has currently shown interest in its expansion and refurbishment. Talking about his recent Russian visit, the State Minister said, This visit is of vital importance to establish effective bilateral business relations between the two countries, which should have been done long ago but now both the Governments are serious toward building strong economic relations. To a question, he said, Foreign Direct Investment (FDI) has no target as we want more and more of it. He further said that FDI has not only declined in Pakistan but throughout the world. FDI went down by 41 percent in Pakistan, while 35 percent in the world, which clearly suggests that FDI also declined in other countries, he added. We are expecting that they will bring billions worth of FDI in Pakistan in next few years he said and added that this visit was beginning and we would witness more of it in future. During his visit, he met RusAl, the World biggest Aluminium producer, where they showed interest in exploring Aluminium in Pakistan. In another meeting with VTB Capital, the investment arm of VTB banking group, an international financial group, and the bank assured the timely finances to Pakistan in fields of hydro-power and other areas of concerns. Mandviwalla also held meeting with Gazprom Zaryb-ezhneftgaz for oil and gas exploration in Pakistan. Chairman BOI also mentioned his meeting with Inter RAO UES OZSC, a leading company in electricity power generation, investments, imports, export group, expressed great interest in working up a plant of 200 MW capacity in Pakistan. To meet the current shortfall of electricity in Pakistan, RAO UES OZSC suggested that electricity power could be imported through Tajikistan.