During a two-day visit to Pakistan, Uzbekistan’s President Shavkat Mirziyoyev announced a 10-year tax exemption for Pakistani traders. The announcement was made at the Pakistan-Uzbekistan Business Forum held in Islamabad to boost trade and commercial activities between the two countries. The forum was attended by Prime Minister Shehbaz Sharif and President Mirziyoyev.
Speaking at the event, Prime Minister Sharif welcomed Uzbekistan’s delegation and highlighted the growing economic and trade relations between the two nations. He noted that agreements worth $340 million between private sector companies had already been implemented, and that trade activities had increased significantly since the previous forum. Sharif emphasized that the business forum serves as an effective platform for promoting bilateral economic cooperation and investment, and that trade between the two countries could potentially reach $2 billion. Over the past year, bilateral trade activities amounted to $450 million.
The Prime Minister added that both countries had agreed to strengthen cooperation in science, technology, energy, agriculture, and textiles. He noted improvements in Pakistan’s economy, including lower inflation and a reduction in policy rates, and praised Uzbekistan for doubling its GDP over the last decade, reducing poverty for 8.5 million people, and lowering unemployment. Sharif also encouraged Uzbek companies to invest in Pakistan, providing a safe and attractive environment.
He mentioned that Pakistani textile exporters are interested in establishing plants in Uzbekistan, which would benefit both economies. Cooperation was also agreed upon in natural resources, healthcare, transportation, and tourism. Sharif said that Pakistan would meet Uzbekistan’s demand for rice and potatoes, and assured that bureaucracy would not pose obstacles to Uzbek traders bringing proposals.