Uzbekistan becomes Pakistan's largest trading partner in the CIS

President of Uzbekistan Shavkat Mirziyoyev and Prime Minister of the Islamic Republic of Pakistan Shahbaz Sharif participated in the Uzbekistan-Pakistan Business Forum today, February 26, as reported by the presidential press service.  

The event was attended by around 300 heads and representatives of leading companies from both countries. From the Pakistani side, participants included companies such as Al-Rafique Enterprises, Mehran Dates Products, Brighto Chemicals, Transfopower Industries, FWO, T.M.C, Pakistan Mobile, TCS, and many others.  

In his speech, President Mirziyoyev highlighted that during the day's productive discussions, issues related to expanding the multifaceted partnership were thoroughly reviewed, and major plans and objectives were outlined. It was also agreed to establish a high-level strategic partnership council.  

Trade and economic cooperation has been identified as the driving force of bilateral relations.  

"Our economies, which have great potential, are capable of complementing each other," said Shavkat Mirziyoyev.  

According to reports, trade turnover between Uzbekistan and Pakistan exceeded $400 million last year, with 130 joint ventures currently operating. As a result, Uzbekistan has become Pakistan's largest trading partner in Central Asia.  

"Business forums and industrial exhibitions are being held. Trading houses have been established in Karachi and Tashkent," the report stated.  

Uzbek-Pakistani cooperation continues to expand with new projects. Companies such as Pak Merit, Diamond Group, Silk-way, Getz Pharm, Gerbion, and NLS are actively involved in joint ventures.  

The head of state proposed several initiatives to further enhance bilateral cooperation.  

First, he emphasized the importance of holding business events regularly, at least twice a year, in Uzbekistan and Pakistan, with broad participation from business representatives.  

"Taking into account geographical proximity, it was noted the need to significantly increase the volume of trade, including expanding the nomenclature of goods within the framework of the existing preferential trade agreement, simplifying phytosanitary, quarantine and customs procedures, and improving interbank settlement mechanisms. Particular attention will be paid to the integration of electronic trading platforms," the report stated.  

Additionally, plans are in place to establish a transport and logistics company.  

It was also noted that the construction of a railway connecting China with Central Asia has begun.  

"In the future, this strategic route may lead to the ports of Pakistan, which will significantly increase mutual trade and investment," the report stated.  

The meeting also highlighted the need to fully utilize the potential of interregional cooperation. In this regard, the importance of increasing mutual visits by regional leaders and encouraging the active participation of business communities from both countries was emphasized.  

Pakistani Prime Minister Shahbaz Sharif highly praised the large-scale reform program being carried out under the leadership of President Shavkat Mirziyoyev. He also acknowledged the favorable business conditions in Uzbekistan and noted that "there are great opportunities for expanding partnership."