Pakistan and Uzbekistan agreed on Wednesday to expand bilateral trade to $2 billion as Prime Minister Shehbaz Sharif met with Uzbekistan President Shavkat Mirziyoyev in Tashkent.

The development comes days after a similar agreement to boost investments to $2bn was reached with Azerbaijan during the premier’s official visit there, which he concluded yesterday as he departed for Tashkent on a two-day state visit.

Pakistan and Uzbekistan have strengthened ties through trade and economic cooperation. A $1 billion trade deal was signed in 2023, and plans for further collaboration, including a roadmap for industrial cooperation, show the two sides’ commitment to boosting regional connectivity.

Earlier today, PM Shehbaz and President Mirziyoyev held a bilateral meeting, which was followed by the signing of several memorandums of understanding (MoUs) between the two countries in various areas.

Addressing a joint press conference with PM Shehbaz, President Mirziyoyev said: “We came to the conclusions on different spheres and mutual trade turnover had exceeded $400 million and we have plans to increase that to $2bn.”

He termed the negotiations between them “very fruitful”, adding that there was a “new direction” for future goals.

The president said: “The modern state of Pakistan is our trusted partner, trusted by time, and a promising ally whose international reputation is steadily growing.

“[…] Despite current global challenges, the honourable prime minister is carrying out tremendous work to ensure peace and stability, improve the living standards of the population and accelerate economic growth.”

Congratulating the Pakistani government on those “achievements”, he noted that the relations between the two countries had been developing “dynamically”.

President Mirziyoyev noted that joint ventures between Pakistan and Uzbekistan have reached 130 while trade houses had been opened in Karachi and Tashkent.

“Air travel has been launched between Tashkent and Lahore,” he highlighted, adding that it was also agreed to open new routes, including flights between Samarkand, Bukhara and Karachi.

He stated that the intergovernmental commission was working effectively while “political consultations, business events and exhibitions of our national products have been successfully organised”.

President Mirziyoyev noted that a “large delegation of leading Pakistani” had arrived in Tashkent, with Uzbek partners participating in meetings with them and holding dialogues on partnership agreements.

Inviting Pakistani companies to work in his country, he said: “I would like to also present to Pakistani companies what the conditions are in Uzbekistan and we are ready to create all the necessary conditions for them to come to Uzbekistan.”

“We confirm our shared commitment to strengthening the bonds of longstanding friendship and for the developing cooperation, we have signed important agreements,” the Uzbekistan president affirmed.

He also announced the visits of the head of Uzbekistan’s central bank to Pakistan and his counterpart, the State Bank of Pakistan governor, to........

© Dawn Business