Wednesday April 17, 2024

‘Pharmaceutical, textile sectors attract Kyrgyz investment’

By Our Correspondent
March 25, 2024
This combo image shows a worker operating a machine in a textile factory (L) and Medicines (R). — APP/File
This combo image shows a worker operating a machine in a textile factory (L) and Medicines (R). — APP/File

LAHORE: Head of Regional Development and Investment Attractive Department of National Investment Agency Kyrgyzstan Bikulon Damirbek Sunday said the pharmaceutical and textile sectors of Pakistan hold vast scope for bilateral trade with Kyrgyzstan, having a wide array of opportunities for economic cooperation between the two Muslim countries.

According to a statement issued here on Sunday, he was talking to a Pakistan trade delegation led by Meher Kashif Younis, an honorary consul, currently visiting Kyrgyz to explore the potentials of enhancing bilateral trade. He said Pakistan's pharmaceutical sector is one of the largest in the Islamic world, with a diverse range of products catering to both domestic and international markets.

Its pharmaceutical companies have developed expertise in producing high-quality generic drugs, which could address Kyrgyzstan's healthcare needs. By exploring partnerships and collaborations in this sector, Kyrgyzstan could gain access to affordable medicines while Pakistan could expand its market presence in Central Asia.

Bikulon said exploring the vast scope of Pakistan’s pharmaceuticals and textile industry in Kyrgyzstan requires concerted efforts from both governments to facilitate trade and investment. This could involve initiatives such as trade delegations, joint ventures, and the establishment of trade agreements to create a conducive environment for business collaboration.

He said enhancing connectivity through improved transportation links and logistical infrastructure would further facilitate trade between the two countries. Investments in transportation corridors and border facilitation measures would reduce trade barriers and enhance the efficiency of cross-border trade.

Kashif Younis speaking on the occasion said leveraging the strengths of Pakistan’s pharmaceuticals and textile industry in Kyrgyzstan offers a significant opportunity to strengthen bilateral trade and deepen economic ties. By tapping into each other’s potential and fostering collaboration, Pakistan and Kyrgyzstan can unlock new avenues for economic growth and prosperity, he added. He said Pakistan's textile industry is a cornerstone of its economy, accounting for a significant portion of its exports.

With a well-established infrastructure and skilled workforce, Pakistan produces a variety of textile products. Kyrgyzstan, with its strategic location in Central Asia, could serve as a gateway for Pakistani textile exports to reach other countries in the region, he said.