By Dr. Ansab Ali | Lahore, Pakistan

LAHORE: Pakistan and Uzbekistan have reaffirmed their commitment to expanding bilateral trade and investment, with business leaders from both countries highlighting joint ventures as a key driver of future economic cooperation during a high-level meeting at the Lahore Chamber of Commerce and Industry (LCCI).

Chairman of the Council of Ministers of the Republic of Karakalpakstan, Farkhod Ermanov, who led a senior Uzbek delegation, said Pakistan and Uzbekistan have emerged as strategic partners, with relations strengthening through mutual trust, shared values, and the vision of the leadership of both countries.

He said Karakalpakstan offers significant investment opportunities in natural resources, energy, industry, agriculture, and logistics, while investors are being provided tax incentives, affordable energy, and world-class infrastructure to support business growth.

During the meeting, the Lahore Chamber of Commerce and Industry (LCCI) and the Ministry of Investment, Industry and Trade of the Republic of Karakalpakstan signed a Memorandum of Understanding (MoU) to enhance bilateral trade, investment, commercial information exchange, and business cooperation.

Welcoming the delegation, LCCI President Faheem Ur Rehman Saigol said Pakistan and Uzbekistan enjoy deep historical and cultural ties but that bilateral trade remains well below its true potential. He noted that two-way trade reached approximately US$143 million during FY2024-25, with Pakistan exporting US$64 million worth of goods and importing US$79 million, leaving substantial room for growth.

Saigol said the Uzbek delegation represented key sectors including agriculture, food processing, flour milling, textiles, pharmaceuticals, livestock, oil and gas, and herbal products. He urged businesses from both countries to explore joint ventures and investment partnerships, assuring Uzbek investors of the Lahore Chamber’s full support.

Addressing the gathering, Farkhod Ermanov highlighted Karakalpakstan’s vast potential in mining, construction materials, chemicals, hydrocarbons, renewable energy—particularly wind power—and logistics. He invited Pakistani businesses to invest in the region, describing it as a business-friendly destination offering attractive incentives.

He also appreciated Pakistan’s diplomatic efforts to promote regional peace, saying lasting stability would create greater opportunities for trade, investment, and economic prosperity across the region.

Uzbekistan’s Ambassador to Pakistan, Alisher Tukhtaev, said the Lahore Chamber has played a significant role in strengthening commercial ties between the two countries. He noted that Pakistan and Uzbekistan share centuries-old historical, cultural, and civilizational links, adding that removing existing trade barriers would further accelerate economic cooperation.

The ambassador said six direct flights have been launched between Pakistan and Uzbekistan over the past 18 months, while Uzbekistan’s economy is expanding at an annual rate of 7–8 percent. He added that the country attracted US$43.5 billion in foreign direct investment last year and that both governments are committed to increasing bilateral trade to US$2 billion within the next five years.

He further noted that the 30 Memorandums of Understanding (MoUs) signed during the recent visit of the President of Uzbekistan to Pakistan reflect the strong commitment of both nations to deepening strategic and economic relations.

The meeting was attended by senior government officials, diplomats, business leaders, and members of the LCCI Executive Committee. LCCI Executive Committee Member Waqas Aslam delivered the vote of thanks at the conclusion of the event.