Aiming to increase bilateral trade to US$1 billion, says Uzbek Ambassador

The Ambassador of the Republic of Uzbekistan, Alisher Tukhtaev, highlighting the progress in bilateral trade with Pakistan, stated that the Uzbek Embassy is aiming to increase bilateral trade to US$1 billion in the coming years as per leadership level agreement of both countries.

Bilateral trade between Uzbekistan and Pakistan has shown remarkable progress, increasing from US$122 million in 2019 to an impressive US$387 million in 2023. Speaking at a meeting at the Karachi Chamber of Commerce and Industry (KCCI), the Uzbek Ambassador highlighted these figures as a testament to the flourishing economic relationship between the two nations. million in 2023, he added speaking at a meeting at Karachi Chamber of Commerce and Industry (KCCI).

Referring to the recent commencement of direct flights between Tashkent and Lahore, the Uzbek Ambassador hinted launch of direct flights from Karachi to Uzbekistan this year and mentioned soft visa regime for Pakistani citizens, for both business and tourist visas, making it easier for people to visit each other and build stronger connections.

He highlighted the investment opportunities in Uzbekistan, which offers a safe, conducive, and liberal environment for investment and invited Pakistani businessmen to explore opportunities in sectors such as textiles, pharmaceuticals, leather, tannery, food processing, agro-businesses.

Extending his support for promoting B2B connectivity for exploring and materializing trade and investment opportunities he asked KCCI to send a business delegation to Uzbekistan for exploring investment opportunities in key Uzbek regions.

He emphasized on diversification of trade to enhance bilateral exports and promote economic cooperation and said that both the significant cotton growing countries can pursue collaboration in Research & Development to develop high-yield and disease-resistant cotton varieties, improve cotton processing into quality yarn and fabric and thereby promoting sustainable cotton production.

He also encouraged Uzbek investors to collaborate in agriculture by setting up food processing units, storage facilities, and advancing the livestock sector. Joint ventures in high-yield farming and agro-food trade in wheat, rice, oil seeds, frozen foods, dates, figs, pineapples, potatoes, vegetables, and bovine animals could boost bilateral agro-food trade, he added.

Bilwani highlighted potential to enter into joint ventures in transportation, logistics, IT, textiles, leather, sports, housing and construction, and dairy and livestock sectors and suggested cultural exchange programs and scholarships as well as language programs and joint research initiatives for reinforcing mutual understanding brotherly ties between people of Uzbekistan and Pakistani.