Kyrgyz envoy sees vast trade potential

Urges traders to utilise Kyrgyzstan’s strategic entry point to EEM

ISLAMABAD:

Kyrgyzstan offered many opportunities for trade with Pakistan and provided the shortest entry point for the Pakistani products to the ‘Eurasian Economic Markets’ (EEM), Kyrgyzstan’s Ambassador Ulanbek Totuiaev said in an interview on Sunday.

The ambassador told APP that the Pak-Kyrgyz bilateral trade potential was up to $1 billion, however, by the end of 2023, the trade volume hovered around $20.6 million. He hoped the trade volume was increasing with the passage of time.

Ambassador Totuiaev expressed the hope that the potential of the Quadrilateral Traffic and Transit Agreement (QTTA) among Pakistan, China, Kyrgyzstan, and Kazakhstan would be fully utilised in the near future.

“The mutual trade potential between Pakistan and Kyrgyzstan is up to $1 billion, which both countries are moving forward in harmony to achieve. By the end of 2023, the bilateral trade volume between the two countries was $20.6 million, which is increasing with the passage of time,” he said.

“This time, the private sector of both countries should go ahead and continue the process of talking to increase bilateral trade, in which the chambers of commerce of both countries are playing their full role.” he said.

“Currently, there is an exchange of delegations between the different chambers of commerce and industry of the two countries, and in the next month, many trade delegations from Pakistan will visit Kyrgyzstan and many trade agreements will be signed.”

He invited a business delegation from Pakistan to Kyrgyzstan to explore joint ventures and business partnerships. The ambassador stressed the urgent need to fully exploit the existing trade and economic potential between the two countries as a priority to further bolster regional economic integration.

He stressed that both countries should develop sustainable business relations as they had good potential to cooperate in many sectors of the economy.

Replying to another question, the ambassador said that Pakistan was contributing $100 million to the Kyrgyz economy in terms of student fees and other living expenses for approximately 10,000 Pakistani students.CASA-1000Ambassador

Ulanbek Totuiaev said that the 1,300 megawatts Central Asia-South Asia (CASA-1000) power transmission line would be completed this year, which would meet Pakistan’s energy needs and enhance regional cooperation in the energy sector.

He stressed that the governments of the all the participating countries were actively working to finish the gigantic project by the end of 2024. He termed the project a major step towards regional integration.

The CASA-1000 project is an energy link between Kyrgyzstan, Pakistan, Tajikistan, and Afghanistan aimed at providing clean energy not only to regional countries but also fulfil the need of Pakistan’s industrial sector.

“Massive infrastructural projects will be beneficial for all of its stakeholders by fulfilling energy needs and strengthening regional connectivity,” Ambassador Totuiaev said. “Nowadays, the governments of participating states are actively working on the completion of the project.”