Uzbek Deputy Prime Minister for Investment and Foreign Trade Jamshid Khodjaev has said there are many business and investment prospects in Uzbekistan for Pakistani businessmen in Bokhara, Samarkand, and Tashkent. He made this statement while speaking to a group of prominent businesspeople in Pakistan, including representatives from different industrial sectors.

According to Jamshid Khodjaev, Uzbekistan will offer all necessary facilities to investors and businesspeople from Pakistan. He asserted that future prospects for collaboration between the two countries are promising, and that this will bring about a new age of prosperity in the region.

During the visit, he discussed with the Pakistani side a number of steps to boost bilateral trade, vowing to improve the business environment for Pakistani investors and businessmen. According to him, agreements have been reached to expand transit and bilateral trade between the two countries. He asserted that energy-related cooperation between Pakistan and Uzbekistan cannot be ruled out.

Restructuring road connections is crucial for integrating regional economic and trade, according to the deputy prime minister. The governments of Pakistan and Uzbekistan are collaborating in this respect, which will boost trade within the region, he added. Uzbek Ambassador to Pakistan Aybek Arif Usmanov emphasised the need of fostering relationships between the two countries' business groups in order to boost trade between them.

According to him, there are cultural and religious similarities between the two countries that might boost economic exchange. Businesspeople and investors also shared their opinions and offered solutions for boosting bilateral trade and investment. Pakistan and Uzbekistan have significant trading potential in the textile industry, according to Shahid Sattar, Secretary General of the All Pakistan Textile Mills Association (APTMA). In order to improve cotton seeds, there is a need for more cooperation between the two nations, he noted.

According to Shahid Sattar, the Generalized Scheme of Preferences Plus agreement between Pakistan and the European Union would boost economic and trade activities, and Uzbekistan may gain from it. Cement industry leader Ahmed Jaudet Bilao said that cooperation between Pakistan and Uzbekistan in the energy sector will boost regional economic activity and make regional economic integration possible.

Exporter and businessman Khalid Iqbal stressed the necessity of harmonising the tax and tariff policies between Pakistan and Uzbekistan. He suggested that multiple visa should be introduced and that the visa application procedure on both sides should be streamlined. According to Asadov Rizo Raupovich, deputy governor of Bukhara, there are various opportunities for investors and businesspeople from Pakistan in the tourist industry in the Bukhara region.

Credit : Independent News Pakistan-WealthPk