ISLAMABAD: Uzbek President Shavkat Mirziyoyev on Friday announced a 10-year tax exemption for Pakistani traders, aiming to boost bilateral trade and investment between the two countries.
The announcement was made during the Pakistan-Uzbekistan Business Forum held in Islamabad, attended by Prime Minister Shehbaz Sharif and President Mirziyoyev, as part of the Uzbek leader’s two-day visit to Pakistan.
Addressing the forum, Prime Minister Shehbaz Sharif welcomed Uzbek business leaders and said strengthening economic ties and expanding trade relations between the two countries was encouraging.
He noted that agreements worth $340 million signed between the private sectors of both countries marked significant progress, adding that trade activities worth $450 million were realized over the past year.
The prime minister said both sides had agreed to raise bilateral trade volume to $2 billion, highlighting strong potential for cooperation in science and technology, energy, agriculture, textiles, and taxation.
He added that Pakistan had successfully stabilized its economy, reduced inflation to single digits, lowered the policy rate, and witnessed growth in the IT sector.
Shehbaz Sharif assured Uzbek companies of a safe and attractive investment environment in Pakistan, noting that Pakistani textile exporters were keen to establish production units in Uzbekistan.
He said cooperation would also be expanded in health, transport, tourism, and natural resources, while Pakistan would help meet Uzbekistan’s demand for rice and potatoes.
Speaking on the occasion, President Mirziyoyev praised Prime Minister Shehbaz Sharif’s leadership and said relations between Pakistan and Uzbekistan had evolved into a multi-dimensional partnership. He said implementation of agreements signed at the forum would further strengthen bilateral ties.
The Uzbek president said Uzbekistan would provide cooperation in surgical instruments, pharmaceuticals, and textile manufacturing, adding that Pakistani investors would be facilitated in Uzbekistan’s business-friendly environment.
He also highlighted regional trade initiatives involving China, Kyrgyzstan, and Uzbekistan, and reaffirmed that Pakistani traders would be granted a 10-year tax exemption.
President Mirziyoyev said both countries would enhance cooperation in the health sector and announced that 2026 would be observed as the year of partnership-based cooperation between Pakistan and Uzbekistan.
