Pak-Uzbek entities sign $3.4b B2B deals

ISLAMABAD:

Prime Minister Shehbaz Sharif on Friday invited Uzbek business firms to explore investment opportunities in Pakistan’s textile, pharmaceutical, mining, agriculture, and tourism sectors, as private sector entities from both countries signed MoUs worth $3.4 billion for B2B cooperation.

The prime minister, addressing the Pakistan-Uzbekistan Business Forum held here along with Uzbek President Shavkat Mirziyoyev, who is on a two-day state visit here, said that both sides had signed a protocol on Friday to achieve an “ambitious yet easily achievable” target of increasing bilateral trade to $2 billion in five years.

At the forum attended by the ministers and businessmen from both sides, the two leaders assured the investors to provide a conducive business environment with no room for systemic hurdles.

Both leaders welcomed the B2B deals with the Uzbek president, calling it “very much achievable” because both sides had a very good program already drafted and established.

“I am here, of course, as Prime Minister of Pakistan, but for this forum as the CEO of Pakistan. I am just a telephone call away. My colleagues are just a telephone call away. We will remove any bottleneck or impediment on the way.

And I would like to assure you that bureaucracy and red tapism will not create any kind of hurdle in your business proposals,” Prime Minister Shehbaz committed.

The prime minister said 30 redundant textile plants in Uzbekistan could provide a win-win opportunity for investors from both sides and expressed the hope that PIA flights to Uzbekistan would boost people-to-people contact.

In his remarks, President Mirziyoyev said that the business forum reflected the long-standing shared intentions and deep mutual understanding.

Calling the business community a “true bridge” between two nations, he said that through the $2 billion trade protocol, both sides had committed to zero corruption, no bottlenecks, and no obstacles.

He said Uzbekistan needed Pakistan’s expertise and high-quality in the pharmaceutical sector, affordable medicines and offered 10-year tax exemptions, support, and all conducive conditions.

He told the gathering that Uzbekistan had around 30 high-tech textile enterprises awaiting Pakistani management and expertise to access world markets, and also expressed his country’s strong interest in collaborations in leather goods.

He invited Pakistani businessmen to visit Uzbekistan to study opportunities, develop plans, and start operations, assuring all necessary support.

Later, the two leaders also witnessed the exchange of the documents of pre-signed MoUs between the business entities from both sides.

Strategic partnership

Pakistan and Uzbekistan on Wednesday reaffirmed their commitment to elevating bilateral relations to a qualitatively new level as President of the Republic of Uzbekistan Shavkat Mirziyoyev concluded a two-day state visit to Pakistan, marked by wide-ranging agreements on trade, connectivity, culture, security, and regional cooperation.

In a joint declaration issued at the conclusion of the visit, both sides underscored their resolve to strengthen cooperation in support of each other’s sovereignty, independence, and territorial integrity, while advancing sustainable development aligned with long-term national interests.

“Pakistan and Uzbekistan are bound by deep historical, cultural and spiritual affinities. Our partnership is rooted in trust and shared aspirations for peace and prosperity in the region,” Prime Minister Shehbaz Sharif said during the talks.

On economic cooperation, both sides reiterated their resolve to achieve the ambitious bilateral trade target of $2 billion by 2029, recalling that Uzbekistan was the first Central Asian country to sign both a Transit Trade Agreement and a Preferential Trade Agreement with Pakistan.

The leaders welcomed progress on expanding the Preferential Trade Agreement, signing of a Bilateral Investment Treaty, and efforts to align sanitary and phytosanitary measures and mutually recognize standards. They also agreed to promote joint ventures in pharmaceuticals, textiles, leather, agriculture, minerals, and engineering goods, alongside enhanced e-commerce cooperation.

Connectivity featured prominently in the discussions. Both sides welcomed the signing of the Framework Agreement for the Uzbekistan-Afghanistan-Pakistan (UAP) Railway Project and unanimously endorsed the Termiz–Kharlachi route. They reaffirmed commitment to early completion of the project, recognizing its importance for regional integration and economic development.

Pakistan reiterated its readiness to provide Uzbekistan access to its seaports and international-standard road network for transit trade, while both sides committed to the early operationalization of the Multimodal Transport MoU.

In the cultural domain, Pakistan and Uzbekistan reaffirmed their shared civilizational heritage rooted in the legacy of the Silk Road. The leaders welcomed the signing of an agreement on the preservation and promotion of Baburid heritage and pledged to expand cooperation through cultural festivals, academic exchanges, and heritage conservation.

MoU to fight corruption

Anti-corruption Agency of the Republic of Uzbekistan (ACAU) and the National Accountability Bureau of Islamic Republic of Pakistan signed a memorandum of understanding (MoU) to strengthen mutual cooperation in the fight against corruption.

Nishan-e-Pakistan

President Asif Ali Zardari on Friday conferred Nishan-e-Pakistan, the highest civilian award, upon President of Uzbekistan Shavkat Mirziyoyev in recognition of his contribution to strengthening Pakistan-Uzbekistan relations.

The Special Investiture Ceremony was held at Aiwan-e-Sadr and was attended by, among others, Prime Minister Muhammad Shehbaz Sharif, members of the federal cabinet, Chief of the Air Staff Air Chief Marshal Zaheer Ahmed Baber Sidhu, members of the diplomatic corps and parliamentarians, and was followed by a state banquet hosted in honour of the visiting President.