Pakistan, Uzbekistan vow to take bilateral trade to $2bln

TASHKENT: Pakistan and Uzbekistan on Wednesday vowed to take the volume of bilateral trade from current $400 million to $2 billion in the near future, besides agreeing to exploit the immense potential for cooperation in the fields of investment, connectivity and tourism.

The bilateral ties were discussed in the “fruitful” one-on-one meeting and the delegation-level talks between President of Uzbekistan Shavkat Mirziyoyev and Prime Minister Shehbaz Sharif, who was on a two-day visit here.

The two leaders, addressing the joint press stakeout, told the media that both sides had agreed for the efforts to realize the “dream” project of Trans-Afghan Railway to connect Central Asia with South Asia, which the prime minister said would be a game changer for the region.

The prime minister spoke highly of the dynamism, leadership and transformation journey of President Mirziyoyev who turned around his country’s economy by reducing poverty ratio from 42% in 2016 to 8% now and increased Foreign Direct Investment (FDI) from $1.2 billion to $30 billion.

“Definitely, it is a miracle. Miracles do not happen through fiery speeches or articulating wonderful quotes but through vision, dynamism, hard work, and honesty of purpose. All these qualities are embedded in your personality,” he said.

He also highlighted his government’s efforts to stabilise the economy during the last one year by reducing inflation from 38% to 2.4%, interest rate from 22% to 12%, with surging exports and business moving forward.

He assured the Uzbek side of his government’s “finest role” in achieving the Trans-Afghan rail connectivity project.

Prime Minister Shehbaz told the media that both sides were willing to expand tourism through an increased number of flights and adding new destinations.

He also reiterated that Pakistan stood by the people of Gaza and believed in the two-state solution for an independent state of Palestine, as their rights were enshrined in UNSC resolutions.

He also assured Pakistan’s continuous support to the Kashmir people who had been struggling over the last seven decades for their right to self-determination.

In his remarks, President Mirziyoyev said that they had “truly productive” discussions on cooperation in different directions.

He said both sides reached a conclusion on the establishment of a High-Level Strategic Council and the relevant ministries and departments from both sides would give bi-monthly reports on the measures taken to promote cooperation.