ISLAMABAD, FEB 6: Prime Minister Shehbaz Sharif said that the increase in economic relations and trade ties between Pakistan and Uzbekistan is welcome.

Addressing the Pakistan-Uzbekistan Business Forum, the prime minister said that the establishment of textile plants would benefit both countries economically. He added that Pakistani textile exporters were interested in setting up plants in Uzbekistan.

PM Shehbaz said that Uzbek companies would be provided with a secure and attractive investment environment. He said that the IT sector in Pakistan is developing.

The prime minister stated that the inflation rate has been reduced from 30 per cent to single digits, adding that agreement had been reached to enhance cooperation in science and technology, energy and agriculture.

PM Shehbaz said that both countries agreed to raise the volume of bilateral trade to $2 billion. He said there was further potential to expand bilateral trade between the two countries.

The prime minister said that the business forum is an effective platform for promoting investment. He said that trade activities worth $450 million took place during the last year.

PM Shehbaz said that the previous business forum had led to an increase in bilateral trade activities.