Kyrgyz Ambassador to Pakistan Ulanbek Totuiaev has stressed the significance of further solidifying already-existing economic ties while also fully utilising the immense trade potential that exists between the two countries. He was speaking at the opening of the Kyrgyzstan Trade House (KTH), where Kyrgyzstan’s products will be on exhibit to draw Pakistani investors and consumers in a variety of industries.

Ulanbek Totuiaev said that while ties between Pakistan and Kyrgyzstan are friendly, their annual bilateral trade of $8 to $9 million falls well short of the two countries’ combined potential. He said that both countries engage in restricted trade and that, in order to get the best outcomes possible, they should concentrate on diversifying their trade.

According to him, Kyrgyzstan supplied coal to Pakistan this year. As a resource-rich country, Kyrgyzstan can provide Pakistan with more goods, and Pakistan can import numerous goods from Kyrgyzstan, such as agricultural food, textiles, and pharmaceuticals. He said that because Kyrgyzstan imports marble from India, Pakistani marble manufacturers have a significant chance to win over the Kyrgyz market.

According to Ulanbek Totuiaev, a future China-Kyrgyzstan-Uzbekistan railway project that would assist in improving trade relations will be extended to Peshawar through Afghanistan.He referred to the recent agreement between Pakistan and Kyrgyzstan to improve their economic and trade cooperation and boost regional connectivity in order to facilitate regional economic and commercial integration with Central Asian countries as a sign of good things to come.

Chairman Kyrgyzstan Trade House Meher Kashif Younis, speaking on this occasion said that KTH will serve as a link between the traders and investors of the two countries, and that it will make it easier for interested Pakistani traders to travel to Kyrgyzstan for investments and joint ventures. Developing trade and economic ties between Pakistan and Kyrgyzstan, he said, may mark an important turning point in the connectedness and integration of regional and international trade.

Meher Kashif, who is also the Co-ordinator to Federal Tax Ombudsman and Vice President of the Gold Ring Economic Forum, said that Pakistan and Kyrgyzstan’s geostrategic location shows their geoeconomic significance, which has the ability to significantly increase trade connections between various areas and potential global markets.

According to him, Kyrgyzstan’s geographic location presents numerous opportunities for trade with Pakistan because it is the country’s shortest entry point for goods from Pakistan into the 182 million-people “Eurasian Economic Markets,” which include Russia, Kyrgyzstan, Kazakhstan, Belarus, and Armenia.

Meher said, a business group from Pakistan will soon travel to Kyrgyzstan to seek out potential new markets for Pakistani goods, including tourism and education. Trade between Kyrgyzstan and Pakistan totalled 5.9 million dollars in 2021, with 5.3 million dollars in exports and 0.6 million dollars in imports. He noted that this figure has to be significantly increased in the next few years.

Credit : Independent News Pakistan-WealthPk