Uzbek President calls on Pakistani companies to increase portfolio of joint projects

By Trend

President of Uzbekistan Shavkat Mirziyoyev held a meeting in the city of Islamabad with the heads of leading companies in Pakistan, Trend reports citing Kun.uz.

It was attended by the heads of Nishat Group, Getz Pharma, Pyramid Logistics, Ejaz Group, AKD Group, Wach Nobel Group, Najib Fiber, Sapphire Group and many other companies, whose total assets are over $40 billion.

During the meeting, it was noted that market mechanisms are being introduced into all sectors of the economy, barriers that hinder business development have been removed. On the basis of the new Development Strategy, work continues to expand the presence of foreign business.

In recent years, relations between Uzbekistan and Pakistan have reached the level of strategic partnership. In particular, regular contacts have been established in the trade-economic and investment spheres. In recent years, the volume of mutual trade has increased fivefold. Despite the pandemic, trade turnover has grown by another 70% since the beginning of this year.

At the beginning of his speech, the President noted the fruitful results of negotiations with the Prime Minister of Pakistan.

“During this historic visit, we signed a preferential trade agreement. We agreed to take special control over cooperation in the field of transport and transit. Our main goal is to create a system of unhindered and speedy deliveries of products between our countries,” Shavkat Mirziyoyev said.

Confidence was expressed that these efforts will significantly intensify trade-economic ties and create a solid basis for bringing trade to $500 million in the coming years, and in the future to $1 billion.

As a result of the business forum held on the eve of the visit of the President of Uzbekistan in Islamabad, agreements were reached on the implementation of trade and investment projects worth $800 million in the textile, pharmaceutical, construction, chemical industries, banking and finance and other areas. It was emphasized that all these projects will be included in the program of industrial cooperation, their implementation will be under strict control.

The head of state called on Pakistani companies to build up a portfolio of joint projects.

“Today I would like to hear your specific proposals. Members of the government, responsible persons of industries have gathered here. We are ready to consider creating all the conditions and guarantees necessary for your business in Uzbekistan,” he said.

At the meeting, the participants exchanged views on new areas of cooperation and opportunities in various fields. Promising projects were discussed.

Having approved the plans of Pakistani business people, the President instructed the responsible persons to develop a “roadmap”, which will include all the initiatives and agreements that have been voiced.