Pakistan-Uzbekistan private sector sign JVs worth billions

FPCCI chief informed that the MoUs signed with Uzbek businesses and corporates will translate into billions of rupees of economic activity and will be a win-win for both sides.

KARACHI: Mian Nasser Hyatt Maggo – President FPCCI – has welcomed the signing of Business-to-Business Joint Ventures between Pakistan and Uzbekistan private sector.

He added that Pharmaceuticals, Textiles, Leather, Petrochemicals, and Agriculture sectors have been the focus of MoUs signed between the private sector entities of the two sides. Mian Nasser Hyatt Maggo expressed his gratitude to the Government of Pakistan for providing an opportunity to the private sector to accompany the Honourable Prime Minister of Pakistan on this high-profile and fruitful visit to the Republic of Uzbekistan.

Mian Nasser Hyatt Maggo thanked H.E. Sardor Umurzakov – Deputy Prime Minister of Uzbekistan& Minster for Investments and Foreign Trade and Mr. Ikramov Adham Ilkhamovich – Chairman, Chamber of Commerce & Industry of Uzbekistan for their hospitality and their effective role in making his and other business leaders’ visit a success. He acknowledged their efforts in productively connecting businessmen of the two countries.

FPCCI chief informed that the MoUs signed with Uzbek businesses and corporates will translate into billions of rupees of economic activity and will be a win-win for both sides. Most MoUs have been signed-in industrial and labor-intensive sectors and will create a lot of jobs, he added.

Mian Nasser Hyatt Maggo noted with satisfaction that the entourage of the business leaders accompanying the prime minister comprised of over 100 top businessmen, traders, and industrialists from Pakistan; which shows the willingness of Pakistani businessmen to expand and cement the business relations with the brotherly country.

Mian Nasser Hyatt Maggo also discussed the upcoming Preferential Trade Agreement (PTA) – expected to be signed in September 2021 – with the Honorable Prime Minister Mr. Imran Khan and stressed the need to take FPCCI onboard for being apex representative business, industry, and trade body of Pakistan.

The prime minister graciously agreed to the feedback and stated that FPCCI will be taken on board before signing a PTA with Uzbekistan. FPCCI is looking forward to work in close coordination with Uzbek business and industry leaders to tap the true potential of trade, investment, and joint ventures between the two countries.