ISLAMABAD, March 17: Pakistan-Uzbekistan Joint Ministerial Commission held its fifth session here on Thursday and discussed ways and means to exploit full potential of economic opportunities between the two countries.

The two countries decided to move forward, with cooperation in transportation, textile, energy, tourism, agriculture, information technology, telecommunication, banking finance and other related fields.

Federal Minister for Privatisation and Water and Power Syed Naveed Qamar and Uzbek Minister for Agriculture and Water Resources, Ruziev Zafar Shripovich led their respective delegations at the ministerial commission meeting.

Opening the meeting, Naveed Qamar said that the joint commission would provide a solid base to build economic and cultural partnership on rising trajectory, and the Uzbek minister termed Pakistan an important partner of Uzbekistan in South Asia region. The leader of Pakistan delegation underlined the need for forging cooperation in the field of agriculture, energy, petroleum and natural resources and science and technology and offered assistance for the development of Uzbek human resources for training in various fields.

Mr Qamar underscored the need for further improving bilateral trade by vigorously involving the private sector and strengthening cooperation between the chambers and industry of the two countries.

Agreements on establishing banking channels and liberal visa regimes were imperative to improve bilateral trade and investment and to increase business-to-business contact through the mechanism of Joint Business Council, Mr Qamar said.

Mr Qamar told the Uzbek delegation that the persistent economic reforms introduced in Pakistan have provided good platform to attract foreign direct investment.

Leader of the Uzbek delegation Ruziev Zafar Shripovich said that his country was working on modernisation and diversification of economy while energy resources were sufficient enough to cover the demand of the economy for the next 100 years.

The Uzbek leader of the delegation expressed satisfaction over progress being made by both countries for trade and economic cooperation. There was a need to accelerate the pace of exploiting available bilateral trade potential of both countries, he said.In a separate meeting with Tajik envoy in Islamabad, Mr Naveed Qamar expressed the hope that the Central Asia South Asia Regional Energy and Trade (CASA-1000) project would further strengthen and improve bilateral economic ties between Pakistan and Tajikistan.

CASA-1000 project would transmit 1000MW of surplus electricity from Tajikistan and Kyrgyzstan to Pakistan with power transit through Afghanistan.

The total length of transmission line is 750km while the project is planned to be on public private partnership basis with the support of international financial institutions like World Bank, ADB and IDB. The Project cost is estimated around $865 million.

Mr Qamar informed Ambassador Zubaydullo N. Zubaydov that the Pakistan was committed to carry out all projects leading to overcome electricity shortage in the country and stressed the need to further explore new avenues by private sector of both the countries for mutually beneficial cooperation in all fields particularly in the domain of economy, energy, trade and infrastructure.

Mr Qamar also said that the protocol signed at Dushanbe this month during the fourth Pak-Tajik joint ministerial commission provided vast opportunities for bilateral cooperation in various fields, including agriculture, education, trade, energy, health, sports, tourism, industry, investment, banking, transport, communications, culture and combating drugs.