Pakistan and Uzbekistan have elevated their relationship to a strategic partnership, driven by mutual trust, shared values, and the vision of both countries' leadership, said Farkhod Ermanov, Chairman of the Council of Ministers of the Republic of Karakalpakstan. Speaking at the Lahore Chamber of Commerce and Industry (LCCI), Ermanov highlighted Karakalpakstan's vast investment opportunities in natural resources, energy, industry, agriculture, and transit, along with tax incentives, affordable energy, and world-class infrastructure for investors.
Karakalpakstan's Investment Potential
Ermanov noted that Karakalpakstan has exceptional potential in mining, construction materials, chemicals, hydrocarbons, renewable energy—especially wind power—and logistics. He invited Pakistani investors to explore these opportunities, emphasizing the region's attractive incentives and business-friendly environment. He also praised Pakistan's diplomatic efforts for regional peace, stating that lasting peace would create new opportunities for trade, investment, and regional prosperity.
MoU Signed to Boost Trade and Investment
During the meeting, the Lahore Chamber of Commerce and the Ministry of Investment, Industry and Trade of Karakalpakstan signed a Memorandum of Understanding (MoU) to promote trade, investment, exchange of commercial information, and business cooperation. Uzbekistan Ambassador to Pakistan Alisher Tukhtaev said the LCCI has been instrumental in promoting trade relations between the two countries. He noted that Pakistan and Uzbekistan share centuries-old historical and cultural ties and that removing existing trade barriers would significantly increase economic cooperation.
Direct Flights and Economic Growth
The ambassador mentioned that six direct flights have been launched between Pakistan and Uzbekistan over the past 18 months. Uzbekistan's economy is growing at an annual rate of 7-8% and attracted $43.5 billion in foreign direct investment last year. Both countries are committed to increasing bilateral trade to $2 billion within the next five years. Already, 30 MoUs have been signed during the recent visit of Uzbekistan's president to Pakistan, reflecting shared commitment.
Current Trade Volume and Potential
LCCI President Faheemur Rehman Saigol welcomed the delegation and said Pakistan and Uzbekistan have immense potential for trade, investment, and industrial cooperation. He assured that the LCCI would continue to strengthen business-to-business relations. Saigol noted that despite historical, cultural, and brotherly ties, bilateral trade volume remains far below potential. Trade reached around $143 million in fiscal year 2024-25, with Pakistan's exports at $64 million and imports at $79 million. "There is significant room to increase these figures," he said.
Sectors for Collaboration
The Uzbek delegation represented agriculture, food processing, flour milling, textiles, pharmaceuticals, livestock, oil and gas, and herbal products. Saigol emphasized that Pakistan has strong expertise in these sectors and urged private sectors of both countries to explore joint ventures, investment, and business-to-business partnerships. He assured the delegation that the LCCI would extend full support to Uzbek investors and businesses for deepening economic cooperation.
Attendees
The meeting was attended by LCCI Senior Vice President Tanveer Ahmad Sheikh, Vice President Khurram Lodhi, former LCCI president Mian Anjum Nisar, Deputy Chairman of the Council of Ministers of Karakalpakstan Jollibekov Vladimir Bakhtiyarovich, Honorary Consul of Uzbekistan Najeeb Mushtaq Vohra, Punjab Board of Investment and Trade CEO Tauseef Dilahad Khatana, executive committee members, and a large number of business leaders.
