ISLAMABAD: The Uzbekistan-Pakistan Inter-Governmental Commission on Trade, Economic and Scientific-Technical Cooperation will meet in Tashkent on Wednesday (today) to take up a wide range of issues aimed at further promoting cooperation between the two countries.
Adviser to the Prime Minister on Commerce and Investment, Abdul Razak Dawood will lead the Pakistan delegation at the inter-governmental commission meeting, which also includes Secretary of Board of Investment, Fareena Mazhar, and officials from various ministries.
Pakistan hopes that the sixth session of the Inter-Governmental Commission will be held in an atmosphere of strategic and economic partnership between the two countries, and will be instrumental in enhancing trade and economic relations between the two countries.
According to official sources, a number of memoranda of understanding will be signed at the end of the commission’s meeting, including on the promotion of investment.
Among the major issues to be discussed during the meeting, will be cooperation in the field of agriculture, education, science and technology, tourism, information and communication technologies, housing and communal services, culture, labour relations and migration development, standardisation and metrology, transport and communications, and youth affairs.
Currently, there is no foreign direct investment from Uzbekistan to Pakistan and to promote the investment, a business-to-business meeting has been planned to explore bilateral investment opportunities.
The Pakistan delegation will explain the investment opportunities for Uzbek investors in the country. Uzbek investors can take advantage to invest with 100 per cent equity or joint ventures in various fields, sources said. The Special Economic Zones offer attractive and liberal incentives in addition to infrastructure, investor facilitation services to enhance productivity and reduce the cost of doing business.
There stands wide scope for increasing bilateral trade since the volume of trade stagnated at $43 million for the last two years.
In the textiles sector, Pakistan has the supply base for almost all man-made and natural yarns and fabrics, including cotton and rayon. This abundance of raw material is a big advantage for Pakistan due to its beneficial impact on cost and operational lead time.
Uzbek investors will be offered for investment in ginning, spinning, weaving, dyeing and finishing, and garment stitching.
Published in Dawn, July 14th, 2021