Dr. Gohar Ejaz, the interim Commerce Minister of Pakistan, has underscoredthe nation’s potential to boost trade with Central Asian countries to asubstantial $50 billion. This move comes at a critical juncture forPakistan, which is grappling with a severe economic crisis characterized bya historic depreciation of its national currency against the US dollar andcritically low foreign exchange reserves. Recent weeks have seen nationwideprotests and strikes protesting record-high fuel and electricity bills,adding to the country’s economic woes.
In an effort to revive its economy, Pakistan established a hybridcivil-military investment council in June, aimed at attractinginternational investments, especially in sectors such as agriculture,mining, and minerals. Caretaker Prime Minister Anwaar-ul-Haq Kakar hasconfirmed expectations of substantial investments, with both Saudi Arabiaand the UAE committing to investments of $25 billion each within the nexttwo to five years.
Under the banner of “Federal Minister for Commerce, Dr. Gohar Ejaz Unveils$50 Billion Trade Potential with Central Asia on Independence DayCelebration of Uzbekistan,” Pakistan’s Ministry of Commerce made thissignificant announcement. Dr. Ejaz also pledged to escalate bilateral tradebetween Pakistan and Uzbekistan to $1 billion within the current year,showcasing remarkable progress in this relationship. Bilateral tradebetween the two nations has surged from a mere $27 million in 2019-20 to asubstantial $126.05 million in 2022-23.
To facilitate this enhanced trade relationship, both Islamabad and Tashkenthave undertaken concrete measures, including the signing of a $1 billiontrade agreement in February. Additionally, a convoy of trucks transportingliquefied petroleum gas (LPG) from Uzbekistan via Afghanistan arrived inPakistan in June, further cementing trade ties.
Read Top Stories
Pakistan’s army chief, General Syed Asim Munir, also recently visitedUzbekistan, seemingly with the aim of encouraging foreign investments,strengthening military cooperation, and fostering defense collaborationbetween the two nations.
