Pakistan-Uzbekistan Joint Buisness Council to be established   

Pakistan-Uzbekistan Joint Buisness Council to be established   

ISLAMABAD: (APP) Minister for Commerce, Engineer Khurram Dastgir Khan Thursday stressed the need for establishing Pakistan-Uzbekistan Joint Business Council (JBC) to increase cooperation between the private sectors of the two countries.

Chairing a meeting with high level Uzbek delegation headed by Deputy Prime Minister of Republic of Uzbekistan, Ulugbek Rozukulov, he urged the need for exploring investment opportunities in agricultural, pharmaceutical, textile and sports good.

Khurram Dastgir welcomed the delegation and said the visit would be helpful in promoting trade and economic relations between the two countries.

He informed the delegation that there existed tremendous trade potential between the two countries and the bilateral trade between Pakistan and Uzbekistan was not reflective of the true potential.

The trade volume between the two countries at present was at the level of US$ 3.92 million in 2015-16 which had increased from US$ 2.98 million in 2014-15.

Pakistan's exports to Uzbekistan had witnessed marginal increase from US$ 1.347 million in 2014-15 to US$ 2.07 million in 2015-16 while imports from Uzbekistan had also slightly increased from US$ 1.56 million to US$ 1.843 million during the same period.

The major export commodities included energy products, cotton, gold, minerals, fertilizers, ferrous and nonferrous metals, textiles, foodstuffs, machinery and automobiles while the major import commodities included machinery and equipment, foodstuffs, chemicals, ferrous and nonferrous metals.

The minister was of the view that there were certain issues that hamper expansion of bilateral trade like lack of direct cargo links, safe and direct land routes, marketing strategies, knowledge of Pakistani products, visa facilitation and costlier transportation by air.

"Barriers and challenges are there but we have to work together to remove the barriers and facilitate the trade," the minister added.

The minister extended invitation to both public and private sectors of Uzbekistan to organize single country exhibition in Karachi or Lahore which were commercial hubs of Pakistan.

He proposed that Pakistan and Uzbekistan may explore opportunities for Joint Ventures (JVs) in Textile.

"There is also need to revive the forum of Joint Commission and the next session may be held at the earliest", he said.

The minister informed that Memorandum of Understanding between Trade Development Authority of Pakistan (TDAP) and the Uzbek Ministry of Economic Affair and Investment had already been signed which aims at promoting and developing trade links between the two countries.

"In this regard, a Central Asia Trade Caravan/Roadshow including single country exhibition is planned to be held in 1st quarter of 2017", he added.

The Deputy Prime Minister Rozukulov Ulugbek appreciated the efforts and steps taken by the ministry of commerce and the government of Pakistan for promotion of bilateral trade between the two countries and assured full support from Uzbekistan side.

Rozukulov Ulugbek informed the minister that Special Economic Zones had been created in Uzbekistan with zero tariffs and Pakistani investors could get benefitted from it.