ISLAMABAD: President of Gujranwala Chamber of Commerce and Industry (GCCI) Rana Muhammad Siddique Khan has described Uzbekistan as an important trade partner of Pakistan and reiterated that he would soon take a business delegation from different sectors to Uzbekistan.
“The role of the business community of Gujranwala is significant in increasing bilateral trade between Uzbekistan and Pakistan, and the role of the private sectors of both countries is very important for flourishing both sides economic ties,” President GCCI said.
During a meeting between ambassador of Uzbekistan to Pakistan, Alisher Tukhtaev, and President Gujranwala Chamber of Commerce and Industry, Rana Muhammad Siddique Khan, at the Embassy of Uzbekistan in Islamabad, both sides discussed the promotion of bilateral economic and trade relations between the two countries and the possibility of the Uzbek Ambassador visiting GCCI soon.
President GCCI describes Uzbekistan as important trade partner of Pakistan
On the occasion, the President said, “Gujranwala Industrial Sector contributes eight percent to Pakistan’s Gross Domestic Product (GDP), and similarly, Pakistan’s exports from Gujranwala are currently $2.5 billion, and the city is the third largest contributor to the country’s revenue also.”
The President said, “There are currently 18,000 small and medium entrepreneurs in Gujranwala, which are the backbone of the country’s economy.”
“Uzbekistan is a central country among the Central Asian states, and Pakistan and Uzbekistan can play a very important role for economic integration in the region.”
He said, “Pakistan and Central Asian states, especially Uzbekistan, have a common economic and trade future, and only through the concept of shared economic prosperity can economic development come to our region.”
Rana Siddique Khan said, “The current trade volume of $400 million between Pakistan and Uzbekistan is much less than its potential, and the role of the business community of both countries is significant for the promotion of bilateral trade.”
“Gujranwala Chamber of Commerce is already doing business in Uzbekistan in different sectors, which needs to be further increased, and Gujranwala Chamber of Commerce will play its full role in that regard,” he said.
President GCCI said, “The Uzbek Embassy provides ease of visa and other business process facilities to Gujranwala traders and industrialists for the promotion of mutual business and direct flight between the two countries, which is very important.”
The President of the Gujranwala Chamber of Commerce said, “GCCI is soon organizing an exhibition in Islamabad in which he invites the Uzbek trade delegation to participate in it.”
On the occasion, the Ambassador of Uzbekistan to Pakistan, AliSher Tukhtaev, hinted at further increasing cooperation with the GCCI in the near future and said that he would soon visit it too.
The ambassador said, “He is seeing an important role of the Gujranwala Chamber of Commerce and Industry in the mutual economic and trade relations between Uzbekistan and Pakistan.”
It is pertinent to mention that Pakistan and Uzbekistan have a long history of close economic ties and a number of areas for potential cooperation.
Bilateral trade between the two countries has increased significantly in recent years to $ 400 million, and in 2022, Uzbekistan exported $134 million to Pakistan, while Pakistan exported $153 million to Uzbekistan.
The main exports from Uzbekistan to Pakistan were dried legumes, non-retail pure cotton yarn, and onions.
The main exports from Pakistan to Uzbekistan were potatoes, rice, and packaged medicament.
Pakistan and Uzbekistan have signed a bilateral transit trade agreement (UPTTA) and a bilateral preferential trade agreement (PTA) on 17 items.
The exchanges between the peoples of Uzbekistan and Pakistan are much older and deeper than the emergence of the two countries as sovereign states.
The Mughal Dynasty, with its Central Asian roots, further reinforced the foundation between the two countries.
