Pakistan, Uzbekistan agree to increase bilateral trade to USD 2 billion

Islamabad, Feb 26 (PTI) Pakistan and Uzbekistan on Wednesday agreed to increase bilateral trade to USD 2 billion as they inked multiple agreements to boost cooperation in the fields of defence, technology and technical training during Prime Minister Shehbaz Sharif's visit to the country.

Shehbaz, who arrived here on a two-day visit from Azerbaijan where he inked a similar agreement to boost investments to USD 2 billion, held talks with Uzbek President Shavkat Mirziyoyev in Tashkent following which the two sides signed several MoUs, Dawn newspaper reported.

"We came to the conclusions on different spheres and mutual trade turnover had exceeded USD 400 million and we have plans to increase that to USD 2 billion," Mirziyoyev said while addressing a joint press conference with Shehbaz after their talks.

Describing the negotiations as "very fruitful", he said there was a "new direction" for future goals.

On his part, Shehbaz said that they have decided to cooperate in the field of mine and minerals, adding that the “potential of investing in each other’s economic zones” was also discussed.

“I find you a very valuable friend and a very positive partner,” he said as he appreciated the Uzbek president’s “pivotal role” in strengthening bilateral ties.

“We will expand our tourism […] take people from Peshawar, Quetta, Karachi and Lahore to Bukhara and Samarkand,” he said, adding people from Uzbekistan’s cities would also be able to visit Pakistan.

President Mirziyoyev said that joint ventures between Pakistan and Uzbekistan have reached 130 while trade houses had been opened in Karachi and Tashkent.

“Air travel has been launched between Tashkent and Lahore,” he said, adding that it was also agreed to open new routes, including flights between Samarkand, Bukhara and Karachi.

"We are planning to increase trade turnover to $2bn and we will increase the industrial cooperation, develop transparent logistic connections, and create favourable conditions and incentives for the entrepreneurs,” Mirziyoyev asserted.

He said discussions were held on “pharmaceuticals, textiles, lead industry, and agriculture”. Shehbaz also made proposals on the energy, geology, and mining spheres to “develop those industries and have regional cooperation and access to other countries’ markets”.

Shehbaz and Mirziyoyev also reaffirmed their commitment to a planned railway link between Pakistan and Uzbekistan that would traverse Afghanistan.

The two countries had signed an agreement in July 2023 for the “Uzbekistan-Afghanistan-Pakistan (UAP) Railway project”.

“We are going to […] achieve jointly Trans-Afghan railway connectivity which is going to be a game changer not only for Pakistan and Uzbekistan but in the entire region," Shehbaz said. PTI ZH ZH

Source: PTI