On March 2, Islamabad hosted Uzbekistan – Pakistan Business Forum.

The event was attended by more than 150 representatives of the business communities of the two countries, as well as heads of key ministries, agencies, industry associations and chambers of commerce and industry.

Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov and Advisor to the Prime Minister of Pakistan for Commerce and Investment Abdul Razak Dawood addressed the event.

Heads of delegations noted the expanding nature of cooperation between the two states in a wide range of areas and industries and, in this context, stressed the relevance of deepening ties between Uzbekistan and Pakistan businesspeople.

It was announced that in 2021, a 50 percent growth in trade turnover was achieved, and after two months of this year, the volume of mutual trade exceeded the same indicator of last year by 70 percent.

Success in investment cooperation was also emphasized: over the past five years, the number of enterprises with the participation of Pakistani capital operating in Uzbekistan has increased almost 6 times.

The readiness of the governments of the two countries to actively cooperate to create favorable conditions for establishing direct cooperation between Uzbekistan and Pakistan entrepreneurs was announced, taking into account the implementation of joint investment projects and the intensification of bilateral trade, taking into account the competitive advantages of the economies of the two countries.

Significant potential for building up investment and trade cooperation in agriculture, textile, pharmaceutical and chemical industries, production of building materials and other areas was noted.

Presentations were organized by the heads of ministries, agencies, industry associations and large companies of the two countries, in which the potential for cooperation was revealed in detail and promising projects were presented for further development. Practical aspects of cooperation and mechanisms of state support in the implementation of joint projects were discussed during the G2B and B2B meetings.

Heads of Uzbekistan and Pakistan delegations expressed their commitment to further strengthening economic cooperation, establishing strong business contacts and providing comprehensive support to investors and entrepreneurs in the implementation of joint projects and initiatives.

Following the forum, trade contracts and bilateral agreements on the implementation of joint projects for $797 million were signed.

UzA