ISLAMABAD: Uzbekistan’s Deputy Prime Minister and In-charge of Trade and Investment Dr Jamshid Khodjaev has arrived in Pakistan for a crucial two-day visit aimed at exploring ways to bolster bilateral trade and investment relations.
This high-profile visit underscores the growing economic ties between the two nations and is expected to further cement their partnership in the realms of trade and investment.
An official announcement from the commerce ministry said on Monday that during the visit Dr Khodjaev would meet senior government officials to discuss ways to enhance cooperation in a range of sectors, including trade and investment. He will also lead a delegation of Uzbekistan’s business leaders for meetings with their Pakistani counterparts to explore new opportunities for investment and collaboration.
Pakistan and Uzbekistan have enjoyed close economic ties for many years. The bilateral trade between Pakistan and Uzbekistan has grown substantially in the last three years, from $27 million in 2019-20 to $126m in 2022-23. However, this is much below the full potential of bilateral trade.
The visit of Dr Khodjaev is expected to provide further impetus to bilateral trade and investment relations. The two countries have several complementary strengths and opportunities, and there is significant potential for increased cooperation in a range of sectors.
In December 2022, Pakistan and Uzbekistan signed nine memorandums of understanding (MoUs) to increase cooperation in various fields and prepare an action plan to boost the trade volume to $1 billion.
The two sides agreed to implement the Pak-Uzbekistan Preferential Trade Agreement (PTA) from February 2023, as the Uzbekistan side will complete internal formalities in January and the Pakistan side has already completed the same.
Published in Dawn, November 14th, 2023