Business Community Key to Stronger Pakistan–Uzbekistan Relations: PM Shehbaz, Uzbek President

Key role of business community in promoting economic relations between the two countries, implementation of $3.4 billion deals between private sectors is a major progress: Prime Minister Shehbaz Sharif and Uzbek President address Pakistan-Uzbekistan Business Forum

Islamabad, February 6 (Nazrana Times) Ali Imran Chattha 

Prime Minister Muhammad Shehbaz Sharif and  President of Uzbekistan Shavkat Mirziyoyev have termed the role of the business community as key in promoting economic relations between the two countries and assured that all obstacles in the way of business will be removed. Investors from both countries can carve out their place in the global market by capitalizing on business opportunities. The implementation of $3.4 billion deals between the private sectors of the two countries is a significant development.
They were addressing the Pakistan-Uzbekistan Business Forum here on Friday regarding increasing the trade volume between Pakistan and Uzbekistan and promoting business activities between the two countries. Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, ministers from both countries, high-ranking officials, and prominent figures from the business community were also present on the occasion.
Prime Minister Muhammad Shehbaz Sharif said that the reforms and measures taken after the very constructive Tashkent Business Forum resulted in an increase in bilateral trade volume, which rose to $450 million last year. He welcomed the participants of the Pakistan-Uzbekistan Business Forum and termed the increase in economic relations and trade ties between Pakistan and Uzbekistan as encouraging.
The Prime Minister said that the implementation of $3.4 billion deals between the private sectors of the two countries is a major progress. He said the Business Forum is an effective platform for promoting mutual economic cooperation and investment. There is an agreement to increase mutual trade volume to $2 billion and promote cooperation in the fields of science and technology, energy, agriculture, and textiles.
The Prime Minister said there is further potential to enhance mutual trade between the two countries. Mentioning the government's economic measures, he said that the inflation rate has been reduced from over 30% to single digits, the policy rate has significantly decreased, the economic situation was bad in 2023, and economic challenges have been successfully overcome.
Mentioning the growth of Pakistan's IT sector, he said that last year, exports worth $3.8 billion were achieved with an 18% increase. The President of Uzbekistan has special expertise in this regard, and we wish to benefit from his competence, vision, and unwavering resolve. Under his leadership, Uzbekistan's GDP doubled in the past ten years. The Uzbek leadership lifted 8.5 million people out of poverty and reduced unemployment.
The Prime Minister said that during the visit, an agreement was reached to promote cooperation in the fields of natural resources, health, transport, and tourism. The demand for rice and potatoes in Uzbekistan will be met. Pakistan can export many items including leather goods, minerals, and halal meat. Pakistani textile exporters are eager to set up plants in Uzbekistan; textile plants will economically benefit both countries.
The Prime Minister said Pakistan is a country rich in natural resources, and Uzbekistan can benefit from it. We will provide a secure and attractive investment environment to Uzbek companies. Uzbek traders should bring business proposals; the bureaucracy will not cause any kind of obstacle. Hurdles in the way of business will be removed, and business will not be bogged down in red tape.
The Prime Minister said that PIA will increase flights to promote tourism.
Addressing the Business Forum, President of Uzbekistan Shavkat Mirziyoyev said the business community is a means of connection between the two countries and plays a key role in economic relations. They will provide all kinds of facilities for business and remove obstacles. He urged the business community and investors to identify problems and obstacles. By moving forward with mutual partnership, both countries can benefit.
He said he acknowledges the leadership abilities of his brother, Prime Minister Muhammad Shehbaz Sharif. Relations between Pakistan and Uzbekistan have assumed a multifaceted shape. The implementation of agreements at the Business Forum will further strengthen mutual relations. He said the Uzbek government and people value relations with Pakistan. Investors and traders from both countries are benefiting from each other's experiences. The Business Forum and the visit will expand trade cooperation between the two countries.
Expressing commitment to effectively implement the mutual agreements reached, he said a favorable environment for business activities is available in Uzbekistan. He invited Pakistani investors to come to Uzbekistan and review the market. If investors from both countries work together, they can establish their position in the global market.
The President of Uzbekistan said they will provide cooperation to Pakistan in the production of surgical instruments and medicines. Facilities will be provided to Pakistani investors in textiles. He announced a 10-year tax exemption for Pakistani traders. He said they are ready for full cooperation in the health sector; 2026 will be the year for promoting partnership-based cooperation. He also announced increasing flights between the two countries.
The President of Uzbekistan also thanked for conferring the titles of Professor and Doctor.
During the Business Forum, agreements on cooperation in various fields were exchanged between Pakistan and Uzbekistan, including documents on promoting production and exports of textile products, establishing the Tashkent Leather Zone, cooperation in minerals and mining sectors, and mutual cooperation in agriculture, livestock, dairy farming, and medical fields.