The trade between Pakistan and Uzbekistan has increased from $ 122 million to $ 404 million, while $ 320 million in investment have been recorded as of August of this year. Both parties have established an ambitious goal to raise trade to $ 2B in the coming years.
New commercial routes between Pakistan and the states of Central Asia are opened to the back of the Special Investment Facilitation Council (SIFC), with bilateral ties between two witnesses of record growth.
Read: Pakistan-Uzbekistan ties require a paradigm shift
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Diplomat Uzbeko Oybek Kambarov, during a visit to the Finen Chamber of Commerce, reaffirmed Tashkent’s commitment to establish special economic zones with tax incentives for Pakistani investors. Currently, 18 industrial areas are operational in the key sectors that include textiles, food processing, agrogroe and leather industries.
The two countries have also launched three direct flights and simplified the business visa process to only three days, the steps that officials say they will increase connectivity and commercial facilitation.
During his trip, Kambarov toured different Pakistan industries, praising its quality and innovation. The senior vice president of MCCI, Khawaja Mohsin, highlighted the role of the camera in South Punjab and proposed to establish storage facilities for Pakistani exporters in Uzbekistan. Both governments agreed to intensify B2B meetings, commercial fairs and single country exhibitions to deepen cooperation.
The authorities said that the participation of the SFC has created “a new chapter of the global association”, expanding bilateral participation in commerce, investment and technology.
