By Commerce Reporter
LAHORE — Chairman of the Council of Ministers of the Republic of Karakalpakstan, Farkhod Ermanov, said that Pakistan and Uzbekistan have become strategic partners, with their relations growing stronger through mutual trust, shared values and the vision of the leadership of both countries.
He said Karakalpakstan offers vast investment opportunities in natural resources, energy, industry, agriculture and transit, while investors are being offered tax incentives, affordable energy and world-class infrastructure. He was addressing a meeting at the Lahore Chamber of Commerce and Industry (LCCI), where he led a high-level delegation from Uzbekistan.
Welcoming the delegation, LCCI President Faheem Ur Rehman Saigol said Pakistan and Uzbekistan have immense potential for trade, investment and industrial cooperation. He said the Lahore Chamber would continue to play its role in strengthening business-to-business relations between the two countries.
The meeting was attended by Ambassador of Uzbekistan to Pakistan Alisher Tukhtaev, 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 Waqas Aslam, Firdos Nisar, Karamat Ali Awan, Sheikh Fayyaz, Mohsin Bashir, Shouban Akhtar, Rana Nisar and Ehtesham-ul-Haq, along with a large number of business leaders.
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On the occasion, the Lahore Chamber of Commerce and Industry and the Ministry of Investment, Industry and Trade of the Republic of Karakalpakstan signed a Memorandum of Understanding (MoU) to promote bilateral trade, investment, exchange of commercial information and business cooperation.
Addressing the gathering, LCCI President Faheem Ur Rehman Saigol said the Lahore Chamber, Pakistan’s oldest and one of its leading business organizations, considers it an honour to host delegations from friendly countries.
He said Pakistan and Uzbekistan enjoy historic, cultural and brotherly relations, but the current volume of bilateral trade remains far below its true potential.
He said bilateral trade between Pakistan and Uzbekistan reached around US$143 million during FY2024-25, including Pakistan’s exports of US$64 million and imports of US$79 million.
He said there is significant room to increase these figures.
The LCCI President said the Uzbek delegation represented sectors including agriculture, food processing, flour milling, textiles, pharmaceuticals, livestock, oil and gas, and herbal products.
He said Pakistan also has strong expertise in these sectors and urged the private sectors of both countries to explore joint ventures, investment and stronger business-to-business partnerships.
He assured the delegation that LCCI would extend full support to Uzbek investors and businesses to strengthen economic cooperation.
Chairman Farkhod Ermanov said 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, saying the region offers attractive incentives and a business-friendly environment. He also appreciated Pakistan’s diplomatic efforts for regional peace, noting that lasting peace would create new opportunities for trade, investment and regional prosperity.
Uzbekistan’s Ambassador to Pakistan, Alisher Tukhtaev, said the Lahore Chamber has been playing an important role in promoting trade relations between the two countries. He said Pakistan and Uzbekistan share centuries-old historical, cultural and civilizational ties, and removing existing trade barriers would significantly increase economic cooperation.
He said six direct flights have been launched between Pakistan and Uzbekistan over the past 18 months. He added that Uzbekistan’s economy is growing at an annual rate of 7–8 percent and attracted US$43.5 billion in foreign direct investment last year.
He said both countries are committed to increasing bilateral trade to US$2 billion within the next five years. He also noted that the 30 Memorandums of Understanding signed during the recent visit of the President of Uzbekistan to Pakistan reflect this shared commitment.
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