Pakistan-Uzbekistan trade turnover rises threefold
Baku, Azerbaijan, January 30
Direct hurdles obstructing Pakistan-Uzbekistan trade have been removed, Trend reports via Tribune.
Uzbekistan Ambassador to Pakistan Furqat Siddiqov said that steps are under way to promote banking and air services besides ensuring safe transit of trade consignments through Afghanistan.
Addressing business community at the Faisalabad Chamber of Commerce and Industry (FCCI), the ambassador disclosed that trade between the two nations registered a three-fold growth compared to the previous year. Highlighting that Uzbekistan Air was already flying on the Lahore-Tashkent route on a weekly basis, he said introduction of direct Karachi-Tashkent flights was on the cards.
Underscoring the need for establishing banking channels, he pointed out that National Bank of Pakistan was present in Tashkent while a Swiss bank was expected to establish its branch shortly to promote international banking links.
Siddiqov replied that the Uzbek government was contemplating to initiate Islamic banking and policies were being framed in that regard.
“Uzbekistan imports sugar, pharmaceuticals and potatoes from Pakistan. In return, it can export agricultural machinery,” he suggested.
The Uzbek ambassador was of the view that cooperation in textile products should be encouraged since both the countries were engaged in cotton production.
Reiterating the fact that several Pakistani enterprises were already present in Uzbekistan, he highlighted the availability of joint-venture opportunities in that area. He offered credit facility to Pakistani investors.
“Uzbekistan, Tajikistan, Russia, Afghanistan and Pakistan are considering a proposal to open a land route through Afghanistan,” he revealed. “This would be done by offering logistics, trade and transit facilities to the exporters of this region”.