04.03.2022

On March 4, the President Shavkat Mirziyoyev held a meeting with the heads of Pakistan’s high-profile companies in the city of Islamabad.

It was attended by the heads of «Nishat Group», «Getz Pharma», «Pyramid Logistics», «Ejaz Group», «AKD Group», «Wah Nobel Group», «Najib Fire», «Sapphire Group» and many other companies whose combined assets total over $40 billion.

During the foreign visits, President devotes a special time to holding such meetings. This demonstrates to businessmen the desire of Uzbekistan for mutually beneficial cooperation and strengthens their confidence.

During the meeting, it was noted that market mechanisms are introduced to all sectors of the economy, barriers that hinder business development were removed. On the basis of the new development strategy, the work on expanding the presence of foreign business is continuing.

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

At the beginning of his speech, the President has noted the productive outcomes of the talks with the Prime Minister of Pakistan.

«During this historic visit, we signed a Preferential Trade Agreement. We have agreed to cooperate in transport and transit at special control. Our main goal is to create a system of unimpeded and speedy delivery of products between our countries», Shavkat Mirziyoyev said.

It was expressed confidence that these efforts would significantly boost trade and economic relations and create a solid foundation for bringing trade turnover up to $500 million in the coming years, and in the future - up to $1 billion.

The business forum in Islamabad the day before the visit of President Islamabad reached agreement on the execution of trade and investment projects worth $800 million in textile, pharmaceutical, construction, chemical industry, banking and finance and other fields. It was emphasized that all these projects will be included in the industrial cooperation program and their implementation will be under strict control.

The President has urged Pakistani companies to build up the portfolio of joint projects.

«Today I would like to hear your specific proposals. Members of the government, responsible officials of industries are gathered here. We are ready to consider all the conditions and guarantees required for your business in Uzbekistan», the President said.

The participants of the meeting exchanged views on new areas of cooperation and opportunities in various areas. The promising projects were discussed.

Endorsing the plans of Pakistan’s businesspeople, the President gave instructions to decision-makers to elaborate a road map that would encompass all the initiatives and agreements voiced.