Prime Minister Shehbaz underscored prospects for rapid trade growth, noting a new protocol targeting $2 billion in bilateral commerce within five years
By S.M. Inam/Mehrab Shah Afridi
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday extended a strong invitation to Uzbek business firms to explore investment opportunities across Pakistan’s key economic sectors, including textiles, pharmaceuticals, mining, agriculture, and tourism.
The remarks came during the Pakistan-Uzbekistan Business Forum in Islamabad, held alongside the two-day state visit of Uzbek President Shavkat Mirziyoyev, as both countries sought to translate diplomatic goodwill into tangible economic cooperation.
The forum marked a significant milestone in bilateral relations, with private sector entities from Pakistan and Uzbekistan signing memoranda of understanding worth $3.4 billion to deepen business-to-business collaboration, reported by Daily Metro Morning.
Addressing the gathering of ministers, senior officials, and entrepreneurs from both sides, Prime Minister Shehbaz highlighted the potential for rapid expansion in trade and investment, citing the signing of a protocol that aimed to raise bilateral trade to $2 billion within the next five years.
The Prime Minister described the target as “ambitious yet easily achievable,” noting that careful planning and mutual commitment had already laid the groundwork for progress. “I am here, of course, as Prime Minister of Pakistan, but for this forum as the CEO of Pakistan,” he told attendees, emphasizing his personal commitment to removing bureaucratic hurdles.
“We will remove any bottleneck or impediment on the way. Bureaucracy and red tapism will not create any hurdle in your business proposals.” Recalling his participation in a similar forum in Tashkent last year, he said that discussions had contributed to a bilateral trade of $450 million in the past year, a figure that still fell short of the countries’ potential.
The prime minister expressed hope that President Mirziyoyev’s visit would strengthen relations and convert diplomatic goodwill into unprecedented economic collaboration. Both leaders pledged to form a working group to develop a five-year roadmap promoting trade, investment, joint research, IT collaboration, and agricultural partnerships.
Shehbaz also highlighted Pakistan’s economic achievements over the past year, noting a dramatic reduction in inflation from over 30 percent to single digits, a drop in the banking policy rate from 22.5 percent to 10.5 percent, and IT exports reaching $3.8 billion. He praised Uzbekistan’s economic progress under President Mirziyoyev, pointing to doubled GDP in a decade, 8.5 million people lifted out of poverty, and halved unemployment.
President Mirziyoyev described the forum as a reflection of “long-standing shared intentions and deep mutual understanding.” He commended Pakistan’s economic recovery and urged investors to capitalize on opportunities in Uzbek high-tech textiles, pharmaceuticals, leather goods, and agricultural products.
He offered ten-year tax exemptions and supportive measures for joint ventures, underlining that both countries were committed to zero corruption, streamlined procedures, and removing obstacles for investors.
The forum concluded with the exchange of pre-signed MoUs, symbolizing a renewed commitment to economic partnership and signaling a hopeful trajectory for Pakistan-Uzbekistan trade and investment.
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