Uzbekistan eager for joint ventures & investment in Pakistan
ISLAMABAD: Uzbekistan has shown keen interest for joint ventures and investment in various sectors of the economy, including energy in Pakistan.
Nodir Atajanov, deputy chairman of Uz Agro Sanoatmash Holding, who recently led a 10-member delegation during his visit to Islamabad Chamber of Commerce and Industry (ICCI) said, “Uzbekistan was rich in natural resources including copper and gold and Pakistan could get good benefits for its economy by enhancing cooperation with Uzbekistan.”
The delegation represented various sectors including agriculture machinery, power production, chemical and petrochemical industry, automobiles, building and plastic material.
The purpose of Uzbek delegation’s visit to Pakistan was to explore possibilities of joint ventures and investment in the areas of interest, Nodir Atajanov said.
He hoped that their visit to Pakistan would open up many new avenues of cooperation between the two countries. The delegation members gave a detailed presentation of their products.
ICCI President Atif Ikram Sheikh, in his welcome address, said that the bilateral trade of about $ 24 million between Pakistan and Uzbekistan was quite low and serious efforts from both the sides were required to be improved.
The agriculture, textile, energy, exploration of mineral resources, chemicals, pharmaceutical, tourism and many other areas offered good potential of mutual cooperation between Pakistan and Uzbekistan, he said.
The China Pakistan Economic Corridor (CPEC) would offer great investment opportunities to foreign investors, Atif Ikram said.
The participation of Uzbek investors in this historic project would contribute to regional development and prosperity, he added.
He stressed that Pakistan and Uzbekistan should focus on establishing direct railway and air links that would go a long way in improving trade activities and people-to-people contacts.
The ICCI president said that geographical locations of both the countries offered them win-win situation, as Pakistan provided shortest land route to Uzbekistan to get better access to South Asia, Middle East and other countries, while Pakistan could get easy access to Central Asia by promoting close relations with Uzbekistan.
He was hopeful that the visit of Uzbek delegation to Pakistan and its interaction with private sector would help in identifying many new areas of mutual cooperation between the two countries.