ISLAMABAD, FEB 6 – Prime Minister Shehbaz Sharif on Friday invited Uzbek business firms to explore investment opportunities in Pakistan’s textile, pharmaceutical, mining, agriculture, and tourism sectors, as private sector entities from both countries signed memoranda of understanding (MoUs) worth $3.4 billion for B2B cooperation.

The prime minister, addressing the Pakistan-Uzbekistan Business Forum held along with Uzbek President Shavkat Mirziyoyev, who is on a two-day state visit to Islamabad, said that both sides had signed a protocol on Friday to achieve an “ambitious yet easily achievable” target of increasing bilateral trade to $2 billion in five years.

At the forum attended by the ministers and businessmen from both sides, the two leaders assured the investors to provide a conducive business environment with no room for systemic hurdles.

Both leaders welcomed the B2B deals with the Uzbek president, calling it “very much achievable” because both sides had a very good program already drafted and established.

“I am here, of course, as Prime Minister of Pakistan, but for this forum as the CEO of Pakistan. I am just a telephone call away. My colleagues are just a telephone call away. We will remove any bottleneck or impediment on the way. And I would like to assure you that bureaucracy and red tapism will not create any kind of hurdle in your business proposals,” Prime Minister Shehbaz committed.

Recalling his participation in a similar business forum last year in Tashkent, he said the deliberations there had led the bilateral trade to $450 million during the last year, which was still far below the potential.

He expressed the hope that President Mirziyoyev’s visit would go a long way to strengthen bilateral relations and convert them into a level of unprecedented economic cooperation.

Referring to the signing of $2 billion trade protocol, he said that Pakistan-Uzbekistan relations would now be measured by trade flows, investment projects, industrial partnerships and people-to-people exchanges.

PM Shehbaz said both countries would form a working group to come up with a roadmap of five years to promote trade, investment portfolio, and joint collaborations in research and development, IT, and agriculture.

Highlighting his government’s achievements on the economic front, he said the country had transitioned from a period of severe physical turbulence in 2023 to an improved economic conditions with the inflation rate down from over 30% to a single digit, banking policy rate from 22.5% to 10.5%, and IT sector exports are touching $3.8 billion.

Shehbaz Sharif said Pakistan and Uzbekistan stood to benefit immensely from each other’s strengths in key sectors.

He also appreciated the economic achievements of President Mirziyoyev’s government, including doubling of GDP in just 10 years, lifting 8.5 million people out of poverty and unemployment reduced by half.

The prime minister said 30 redundant textile plants in Uzbekistan could provide a win-win opportunity for investors from both sides and expressed the hope that PIA flights to Uzbekistan would boost people-to-people contact.

In his remarks, President Mirziyoyev said that the business forum reflected the long-standing shared intentions and deep mutual understanding.

He congratulated PM Shehbaz and the people of Pakistan on the remarkable economic progress with reduced inflation, single-digit interest rates, and strong recovery which he said provided excellent opportunities for deeper cooperation.

Calling the business community a “true bridge” between two nations, he said that through the $2 billion trade protocol, both sides had committed to zero corruption, no bottlenecks, and no obstacles.

He said Uzbekistan needed Pakistan’s expertise and high-quality in the pharmaceutical sector, affordable medicines and offered 10-year tax exemptions, support, and all conducive conditions.

He told the gathering that Uzbekistan had around 30 high-tech textile enterprises awaiting Pakistani management and expertise to access world markets, and also expressed his country’s strong interest in collaborations in leather goods.

Regarding mining cooperation, he said Uzbek relevant ministry was ready to finalize action plans and that his country had a growing demand for rice, potatoes, processed meat and was open to joint ventures, land allocation, and cooperation in seed production.

The Uzbek president said that four weekly flights were operating from Uzbekistan to Pakistan and more routes would boost people-to-people and business links.

He invited Pakistani businesspersons to visit Uzbekistan to study opportunities, develop plans, and start operations, assuring all necessary support.

Later, the two leaders also witnessed the exchange of the documents of pre-signed MoUs between the business entities from both sides.

Zardari emphasises connectivity, trade cooperation

President Asif Ali Zardari has said that Pakistan attaches great importance to its close and brotherly relations with Uzbekistan and views the partnership as a natural and enduring one rooted in shared history, culture and faith.

The president made these remarks during a meeting with his Uzbek counterpart Mirziyoyev, who called on him at Aiwan-e-Sadr, a press release issued by the Presidency said.

He said that Pakistan is committed to elevating bilateral relations to new heights through closer cooperation in connectivity, trade and people-to-people contacts.

Welcoming his Uzbek counterpart, President Zardari expressed confidence that the visit would prove productive and forward-looking.

He described President Mirziyoyev as a visionary statesman whose leadership has transformed Uzbekistan into a modern and prosperous country, and whose contributions to regional and international peace are widely recognised.

He also acknowledged President Mirziyoyev’s personal role in bringing Pakistan and Uzbekistan closer.

President Zardari said that Pakistan and Uzbekistan are natural partners with intertwined futures and expressed satisfaction over the positive trajectory of bilateral relations.

He reaffirmed Pakistan’s commitment to working closely with Uzbekistan to further strengthen cooperation in trade, connectivity, defence, security, culture and heritage.

He noted that direct air links between the two countries have brought their peoples closer and underscored the importance of regional connectivity initiatives, including the Uzbekistan-Afghanistan-Pakistan Railway Project, while highlighting the need to address remaining challenges through collective efforts.

The president highlighted the steady growth in bilateral trade in recent years and underscored the need to realise the true economic potential of the relationship, with the shared objective of expanding trade to $2 billion as agreed by the two sides.

He also stressed the importance of enhancing people-to-people contacts, tourism cooperation and cultural exchanges, drawing on the rich historical and spiritual links between the two nations.

President Zardari also expressed the need to extend collaboration and facilitation between the financial institutions, including banks, to support trade and investment flows.

President Mirziyoyev said that Uzbekistan attached great importance to strengthening friendship and the strategic partnership with Pakistan.

He noted with satisfaction the steady growth in bilateral contacts at various levels, including the expansion of trade, an increase in joint ventures, and the implementation of cooperation projects in priority sectors of the economy.

He directed his concerned minister to coordinate with the Pakistani counterpart in this regard.

The Uzbek president emphasised the need to further expand practical cooperation through closer political dialogue, stronger trade, economic and investment ties, and more active business exchanges.

He also invited President Zardari to pay an official visit to Uzbekistan.

He also said that two additional direct flights would be added between the two countries, taking the total number of weekly flights to six, to further facilitate people-to-people contacts, tourism and business exchanges.

During the meetings, the two presidents also discussed the regional situation, including matters affecting peace, stability and security.

They first held a tête-à-tête meeting, during which they exchanged views on key bilateral, regional and international issues.

This was followed by an extended meeting with their respective delegations.

The delegation-level talks were attended on the Pakistan side by Deputy Prime Minister and Foreign Minister Senator Ishaq Dar, Federal Minister for Commerce Jam Kamal Khan, Federal Minister for Railways Muhammad Hanif Abbasi, Balochistan Chief Minister Sarfraz Ahmed Bugti, SAPM on Industries and Production Haroon Akhtar, Senator Saleem Mandviwala, Raja Pervez Ashraf, Nayyar Bukhari, Pakistan’s ambassador to Uzbekistan, and secretary foreign affairs.

The Uzbek delegation included Advisor to the President Abdulaziz Kamilov, Minister of Defence Shukhrat Khalmukhamedov, Minister of Investment, Industry and Trade Laziz Kudratov, Minister of Transport Ilkham Makhkamov, Minister of Mining Industry and Geology Bobir Islamov, Minister of Agriculture Ibrokhim Abdurakhmonov, Minister of Culture Ozodbek Nazarbekov, First Deputy Minister of Foreign Affairs Bakhrom Aloev, and Ambassador of Uzbekistan to Pakistan Alisher Tukhtaev.

Later, during a Special Investiture Ceremony, President Zardari conferred the Nishan-e-Pakistan on President Mirziyoyev in recognition of his contribution to strengthening Pakistan-Uzbekistan relations.

The ceremony was attended by, among others, PM Shehbaz, members of the federal cabinet, Chief of the Air Staff Air Chief Marshal Zaheer Ahmed Baber Sidhu, members of the diplomatic corps and parliamentarians, and was followed by a state banquet hosted in honour of the visiting president.