Uzbekistan Wants Increased Trade Relations with Pakistan – Research Snipers

Uzbekistan Wants Increased Trade Relations with Pakistan

Furqat Sidiqov—the Uzbekistan Ambassador has counselled Pakistan’s private sector to come together with the businessmen of Uzbekistan in the fields of textile, fertiliser, pharmaceutical and other related sectors of the economy.

While talking at the Lahore Chamber of Commerce and Industry (LCCI), the Ambassador said that Uzbekistan has interest in boosting the trade relations with Pakistan as both the nations have great potential to cooperate with each other in different areas.

He termed the pharmaceutical products of Pakistan as competitive and added that Uzbekistan is very much interested in them. He also identified some other sectors like food processing, tourism, construction, agriculture, chemicals, oil and gas, automobile, electronics and mining for cooperation.

Also Read: FBR announces 5% tax on IT sales

He asked the Lahore Chamber of Commerce and Industry to send a sector-specific delegation to Uzbekistan and gave assurance of complete cooperation from the embassy for making the visit a successful one.

Malik Tahir Javaid—the President of LCCI said that trade diplomacy is an essential requirement for strengthening the mutual trade and economic relations and regarding this, the LCCI has kept a close link with the heads of foreign missions in Pakistan.

He emphasised the deep-rooted historical ties both countries share and the fact that both these nations are situated in a region of great geostrategic significance.

He added that it is good to see that both the nations collaborate closely on multilateral forums which includes Organization of Islamic Cooperation, United Nations, Shanghai Cooperation Organizations and Economic Cooperation Organization.

Malik Tahir Javaid was of the opinion and view that the present level of bilateral trade was less than one percent of the total trade volume which barely reflects the bilateral relations, however, both nations could make a win-win situation for each other.

The LCCI president stressed the need for working in collaboration for undertaking the appropriate reforms in order to provide trade, free flow of goods and services and investment.

He also said that additionally, both countries would also be exploiting the potential of tourism present in both the nations.

More Read: Pakistan and Tajikistan to accelerate bilateral trade to $500 million