LAHORE: Pakistan and Uzbekistan are planning to acquire leased lands on each other's countries, a measure the government says will help boost exports to untapped markets.
Abdul Razzak Dawood, advisor to the Prime Minister on commerce and trade said Uzbekistan has asked for 25 acres of land on lease in Karachi or Gwadar to store and ship their cargoes for South East Asian and the Middle Eastern countries.
“They want to stock their goods coming from Uzbekistan for onward shipments to different destinations in the Middle East and East Asia," Dawood told businessmen at the Lahore Chamber of Commerce and Industry (LCCI).
"Pakistan agreed to the proposal subject to lease of similar piece of land in Uzbekistan.” The minister said trade agreements with Uzbekistan would provide exporters an opportunity to ship their goods to Central Asian States and Russia. "Pakistani exporters could stock their goods at that storage facility for onward exports to Russia and all other Central Asian States."
Since Uzbekistan is well connected with its neighbouring states including Russia, the minister said it has opened a vast new market for Pakistani goods. Dawood said the container loaded at Uzbekistan or Karachi would travel all the way to the final destination without change of transport.
“An agreement in this regard has been reached between Pakistan, Uzbekistan and Afghanistan,” he said, adding that a test consignment successfully reached destinations in Uzbekistan and Pakistan within six days.
This way, he added the delivery time has been reduced by 20 days. “Truck drivers get visas for the three countries along with permits to pass through three countries along with goods,” he informed, while asking the businessmen to take full advantage of the opportunities provided by the agreements.
Meanwhile Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday said business-to-business joint ventures between Pakistan and Uzbekistan's private sector would prove a shot in the arm of the country's economy.
“Pharmaceuticals, textiles, leather, petrochemicals and agriculture sectors have been the focus of MoUs (memorandums of understanding) signed by the private sector entities of the two sides,” Mian Nasser Hyatt Maggo, FPCCI president said in a statement.
FPCCI chief said the MoUs signed with Uzbek businesses and corporations would 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.
He noted with satisfaction that the entourage of the business leaders accompanying the Prime Minister comprised over one hundred top businessmen, traders and industrialists from Pakistan, which showed the willingness of businessmen to expand and cement their trade relations with the brotherly country.
“FPCCI is looking forward to working in close coordination with Uzbek business and industry leaders to tap the true potential of trade, investment and joint ventures between the two countries,” he said.