Pakistan and Uzbekistan sealed business-to-business (B2B) agreements worth $3.4 billion during the Pakistan-Uzbekistan Business Forum in Islamabad. The event was held alongside Uzbek President Shavkat Mirziyoyev’s two-day state visit to Pakistan. The forum saw the signing of multiple memoranda of understanding (MoUs) between private sector entities from both countries.
Prime Minister Shehbaz Sharif invited Uzbek investors to explore opportunities in Pakistan’s key sectors. These included textiles, pharmaceuticals, mining, agriculture, and tourism. He said Pakistan is ready to offer a supportive business environment. He also promised to remove bureaucratic barriers that hinder investment and trade.
During the forum, the two countries signed a protocol aimed at boosting bilateral trade to $2 billion within five years. This target was described as ambitious but achievable. The protocol was welcomed by both leaders, who highlighted the strong potential for economic cooperation.
PM Shehbaz Promises End to Red Tape and Supports Investors
Prime Minister Shehbaz Sharif assured investors that Pakistan is committed to improving the ease of doing business. He said he was present not only as the prime minister but also as the “CEO of Pakistan.” He added that he and his team are just a phone call away for investors seeking support.
Shehbaz pledged to eliminate any bottlenecks or hurdles that may arise in the investment process. He stressed that bureaucracy and red tape would not be allowed to obstruct business proposals. The prime minister highlighted that his government has taken significant steps to stabilize the economy. He noted that inflation has fallen from over 30% to single digits, while the policy rate has dropped from 22.5% to 10.5%.
He also mentioned that Pakistan’s IT exports are nearing $3.8 billion, showing strong growth in the technology sector. The prime minister said Pakistan and Uzbekistan can benefit from each other’s strengths. He pointed to 30 redundant textile plants in Uzbekistan that could be revived through joint investment. He also expressed hope that direct flights between Pakistan and Uzbekistan would strengthen people-to-people ties.
Uzbekistan Offers Incentives, Seeks Pakistani Expertise
President Shavkat Mirziyoyev described the business forum as a reflection of deep mutual understanding. He congratulated Pakistan on its economic progress and noted that reduced inflation and improved economic stability create strong investment opportunities.
Mirziyoyev emphasized that the $2 billion trade protocol commits both nations to zero corruption and no obstacles. He said Uzbekistan needs Pakistan’s expertise in the pharmaceutical sector and affordable medicine production. He announced that Uzbekistan is offering 10-year tax exemptions and full support to Pakistani investors.
The Uzbek president also highlighted opportunities in the textile sector. He said Uzbekistan has 30 high-tech textile enterprises ready for Pakistani management and expertise. He also expressed interest in leather goods and mining cooperation.
In the agricultural sector, Mirziyoyev noted Uzbekistan’s growing demand for rice, potatoes, and processed meat. He said Uzbekistan is open to joint ventures, land allocation, and collaboration in seed production. He also said the Uzbek ministry is ready to finalize action plans for mining cooperation.
Mirziyoyev said four weekly flights currently operate between the two countries. He announced that two additional flights would be added, bringing the total to six weekly routes. This move aims to strengthen business and tourism links.
Presidents Zardari and Mirziyoyev Highlight Connectivity and Strategic Partnership
President Asif Ali Zardari reaffirmed Pakistan’s commitment to strengthening ties with Uzbekistan. He said the relationship is rooted in shared history, culture, and faith. He emphasized that both countries are natural partners with intertwined futures.
During a meeting at Aiwan-e-Sadr, President Zardari highlighted the importance of connectivity and trade cooperation. He said direct air links have brought the peoples of both nations closer. He also stressed the significance of regional connectivity initiatives, including the Uzbekistan-Afghanistan-Pakistan Railway Project.
Zardari praised Mirziyoyev’s leadership and described him as a visionary statesman. He said the visit would help strengthen cooperation in trade, security, culture, and heritage. He also highlighted the need for closer collaboration between financial institutions to support trade and investment.
President Mirziyoyev invited President Zardari for an official visit to Uzbekistan. He also emphasized expanding political dialogue and business exchanges. The two leaders discussed regional peace, stability, and security.
Nishan-e-Pakistan Award and State Banquet
In a special investiture ceremony, President Zardari conferred the Nishan-e-Pakistan on President Mirziyoyev. The award recognized Mirziyoyev’s contributions to strengthening Pakistan-Uzbekistan relations. The ceremony was attended by Prime Minister Shehbaz Sharif, federal cabinet members, and military and diplomatic officials.
The event was followed by a state banquet hosted in honor of the visiting Uzbek president. The visit marked a significant milestone in Pakistan-Uzbekistan relations, signaling a new era of economic partnership and regional cooperation.
