Punjab can have $1b trade volume with Uzbekistan, says envoy

LAHORE  -  Ambassador of Uzbekistan Oy­bek Arif Usmanov has said that only province of Punjab can have one billion dollars trade volume with Uzbekistan. Out of combine mutual trade between the two countries, 60 to 70% consists with Punjab.

He expressed these views while speaking at the Lahore Chamber of Commerce and Industry. Trade and Economic Counselor, Embassy of Uzbeki­stan Bakhrom Yusupov, Hon­orary Counsel General Najeeb Mushtaq Vohra, LCCI Senior Vice President Zafar Mahmood Ch, Vice President Adnan Kha­lid Butt, Executive Committee Members Ahmad Elahi, Raja Hassan Akhter, Mian Atiq ur Rehman and Ejaz Tanvir were also present. The ambassador said that since last four years, the trade between Uzbekistan and Pakistan has increased 50 to 60% on average. Since last year the bilateral trade vol­ume increased from $300 to 400 million which shows the potential of growth and re­gional connectivity between Central Asia and Pakistan.

He said that a road map of in­dustrial cooperation has been presented to the government of Pakistan to enhance mutual investment and to provide good platform, tools to increase joint ventures in both the countries.

The ambassador said it is encouraging to see that Paki­stani companies are coming to Uzbekistan and Uzbek compa­nies are already keen to invest in electrical and agri machines sector of Pakistan. He said that increase in trade volume is also due to efforts, services and dedication of Lahore Con­sulate headed by Honorary Counselor Najeeb Mushtaq Vohra. The ambassador said that both the countries need to R&D in diversified prod­ucts like cotton, garments, agri products, chemicals, food products, leather, electro tech­nical and textile. He said that from 2 May 2024, an inter­national forum is being held in Tashkent and invited LCCI President along with a delega­tion to participate. He also in­vited LCCI members to partici­pate in made in Pakistan single country exhibition starting from 28 to 30 June in Tashkent to display their products.

The ambassador also said that the transport companies of both the countries are do­ing a great job in increasing the trade volume with mutual con­sent of both the countries, the driving permits are increased from 500 to 3000 this year. He added that Pakistan, Uzbeki­stan and Afghanistan Railway Project, which is 677 KM long Railway line starting from Ta­briz to Pakistan. The feasibility of the project will be finalized in two months. LCCI President Kashif Anwar said that Uzbeki­stan is an important economy in Central Asia, in line with the Government of Pakistan’s “Vi­sion Central Asia” Policy which is based on the five pillars of bi­lateral cooperation i.e. political, trade & investment, energy & connectivity, security & defence and people-to-people contacts.

He mentioned that a trade deal of 1 billion dollars was signed between the two coun­tries last year to increase bi­lateral trade. The deal was sealed at the 8th meeting of the Pakistan-Uzbekistan In­ter-governmental Commission on Trade-Economic and Sci­entific-Technical Cooperation (IGC) held in Tashkent. The commission mainly focused on bilateral economic coop­eration in various sectors, in­cluding commerce and trade, banking, industries and pro­duction, investment, textile in­dustry, energy, oil and natural resources, transportation and communication, agriculture and tourism and culture de­velopment. We pin high hopes with this agreement.

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