Uzbekistan to increase trade with Pakistan to $300m, says envoy

Uzbekistan Ambassador in Islamabad Furqat Sidiqov says volume of bilateral trade with Pakistan will be increased up to 300 million US dollars from the current level of nearly 125 million dollars as trade is fast growing between the two countries. In 2019 trade turnover of Uzbekistan with Pakistan reached more than 122 million dollars. In 2018 the volume was estimated at 98 million dollars while in 2017 it was just 36.6 million. “Each year, the trade turnover between Uzbekistan and Pakistan is increasing at a steady pace. The difference is significant and it is continuing to grow and grow and Uzbekistan has now become as one of the main trade-economical partners of Pakistan in Central Asia.,” ambassador Sidiqov told Daily Times in an exclusive interview about the bilateral relations, focusing on opportunities to boost trade and economic relations. Around 111 joint venture companies with Pakistan are currently successfully working in Uzbekistan. “By participation of Pakistani partners, we have modern restaurants, hotels, trade companies, textile and pharmaceutical factories, and chemical industries. The main activities of these companies are the production of textile products, paper, leather products, food items, provision of transport and tourism services,” he said. Sidiqov said there are also 48 interstate, intergovernmental and interagency agreements between the two countries that serve as legal framework covering relations in almost all spheres. “In addition, both sides are continuously working on creation of additional Uzbek-Pakistani Joint ventures as well as on establishment of trade representation in Tashkent,” he said, adding both countries acknowledged the further development of mutually beneficial trade and economic cooperation as one of the key priorities in bilateral relations. He said the prospects of the agricultural-machinery market in Uzbekistan are very promising, with the possibilities of exporting the output to contiguous countries expanding from year to year. The envoy urged Pakistani farmers to explore possibilities of importing manufactured in Uzbekistan high quality tractors, agriculture machinery, heavy duty trucks and buses that would help in improving agriculture productivity and transportation facilities in Pakistan. “Developing this direction matches core interests of both countries. Moreover, Uzbekistan is interested in reaching Pakistani sea ports Gwadar and Karachi by means of them our goods will further expand its export geography. That’s why, we together with Pakistani partners are actively working in this direction,” Sidiqov said. He said establishment of Uzbekistan-Pakistan Business Council was realization of mutual will of business circles of our countries towards further enhancing trade-economical, investment, tourism and cultural cooperation as well as to bring private sectors’ active interaction. “With the aid of Business Council, we have organized more than 30 bilateral business visits to Uzbekistan and Pakistan as well as organized 63 Pak-Uzbek business forums in the cities Lahore, Sialkot, Faisalabad, Peshawar, Karachi, Multan, Rawalpindi, Swabi and others.” “By means of Business Council as well as through direct interaction of private entrepreneurs of two brotherly states we are planning to raise trade with Pakistan up to 300 million dollars and more in new future. Because our countries’ potential can easily allow us to reach such high indicators. For this reason, we signed last year a unique agreement with participation of Business Council on establishment of first Trade house of Uzbekistan in Karachi,” he said. He pointed out that the main reason of the increasing interest of Pakistani businessmen to work with Uzbekistan – is economic potential of both countries. “Uzbekistan one of the biggest economies of Central Asia with diversified industry and agriculture. President of Uzbekistan H.E. Mr.Shavkat Mirziyoyev created all favorable conditions for foreign partners in order to cooperate mutually beneficially. In this regard, trade-economic interaction between our countries is developing and increasing very rapidly and dynamically,” the Uzbek ambassador went on to say. He said more than 200 Pakistani companies visited Uzbekistan in order to hold negations on the matters of export and import of wide range of goods and to realize joint investment projects. Pakistani importers are interested in Uzbek textile yarns, petrochemical products, 100% natural and healthy fruit-vegetables, red & white kidney beans, green mugs, peas, pure Uzbek silk products and agricultural machinery. Uzbek importers are interested in Pakistani ready textile and leather garments, pharmacy, sugar and potatoes as well as mango and kinnows. As a result of this, in 2018-2019 years Uzbekistan became main trade partner of Pakistan in Central Asian states. “Additionally, we separately worked out establishment in five cities of Pakistan another trade house of Namangan province of Uzbekistan which is deemed as textile and agricultural hub of my country. Through these trade houses not only export of Uzbekistan will increase to Pakistan, moreover export of Pakistani goods to Central Asia will significantly raise,” Sidiqov said. “Pakistan is a Great country with great hardworking and skilled people. In Uzbekistan we know Pakistan as one of the biggest economies in South Asia with developed textile, pharmaceutical, leather, agriculture, construction, car manufacturing and other industries,” he said, adding Pakistan has created all favourable conditions for foreign trade and attraction of investments. He pointed out that one of the major challenges between Pakistan and Uzbekistan was lack of direct link, which was resolved when the direct flights were opened from Tashkent to Lahore in April of 2013. “After the resumption of the flights, to everyone’s surprise and astonishment, at the very first month, there were more than 5340 visitors from both the countries. This number is growing continuously as there has been strong urge from both sides to enhance partnerships in various fields,” the Uzbek ambassador said.