Following Prime Minister Shehbaz Sharif's visit to Uzbekistan, economic strategists and regional experts stress that further enhancing and strengthening trade ties with Uzbekistan will open new avenues for business opportunities. They advocate for an innovative, integrated, and digitalised model of economic integration, industrial cooperation, investment, and joint ventures.
They said there is an urgent need for a "paradigm shift" — moving beyond mere transit trade, superficial chambers of commerce meetings, and photogenic economic interactive sessions.
During his visit, PM Sharif met with Uzbek President Shavkat Mirziyoyev and other high officials. The visit marked a milestone in strengthening economic ties and expanding strategic partnerships in key sectors, including trade, transport, energy, security, and military cooperation.
The recently signed Memoranda of Understanding (MOUs) in trade, economic cooperation, energy, investments, and security are expected to accelerate and broaden bilateral relations. Encouragingly, productive interdepartmental and inter-ministerial mechanisms have been established in media, culture, education, business, transport and logistics, law enforcement, counterterrorism, and transnational crime, among other areas.
Eminent economic strategist and regional expert Dr Mehmoodul Hassan Khan stated, "Both countries should focus on creating joint ventures in sectors such as textiles, garments, fashion, agriculture, pharmaceuticals, information technology, and others." Notably, 130 joint ventures are currently operating in Uzbekistan with Pakistani capital participation.
Investment projects with major Pakistani companies such as Novugen Pharma, UP-Match, Pak-Merit Bleaching, and Diamond Group have been implemented in the Syrdarya, Tashkent, and Namangan regions, as well as in the city of Tashkent.
The prime minister's recent visit has further solidified bilateral trade and investments. It has also systematised the organisation of business forums, B2B and G2B meetings, industrial and agricultural exhibitions, and other collaborative events. Joint ventures in military production would add further value.
Dr Khan highlighted that both countries enjoy a strategic partnership, which can be further strengthened through private sector involvement, the establishment of reciprocal trade houses, and the development of model manufacturing, industrial, and hybrid agriculture units based on the Singaporean or Chinese models.
He also noted that the China-Pakistan Economic Corridor (CPEC) Phase 2.0 could be a game-changer for both nations, facilitating trans-regional connectivity through alternative middle corridors circumventing Afghanistan. A dedicated advisory committee comprising private-sector regional experts, applied economists, and strategists is urgently needed to boost bilateral trade.
Uzbekistan, renowned for its pink cotton and Ikkat fabric, possesses a rich textile heritage known for its natural beauty, durability, and diverse designs. Pakistan and Uzbekistan, both holding GPS status, have promising prospects for cooperation in textiles, laser garments, fashion, and handmade clothing. Utilising idle textile units in Uzbekistan, along with automation and human capital development, could be mutually beneficial.
The recent "Made in Uzbekistan" event at Expo Lahore marked a giant step toward strengthening bilateral ties, paving the way for knowledge exchange, joint chambers of commerce, a joint freight company, a railway project, a development bank, and enhanced industrial cooperationwhere private companies will play a crucial role.
Dr Khan urged policymakers from both nations to explore alternative routes, bypassing Afghanistan, to achieve socio-economic integration, boost exports, facilitate e-commerce, and promote industrial cooperation via the Gwadar-Kashgar-Khorgos axis sustained, peaceful and easy trading system in the days to come.
Uzbekistan, a strong sporting nation excelling in boxing, judo, taekwondo, tennis, football, and rugby, presents opportunities for joint ventures in sports equipment manufacturinga potential win-win for both countries.
Pakistan's major exports to Uzbekistan in the fiscal year 2024 amounted to $77.79 million, including rice, oilseeds, medicaments, woven cotton fabrics, readymade garments, meat, dates, figs, pineapples, avocados, and sports equipment. Meanwhile, Pakistan imported goods worth $28.53 million from Uzbekistan, primarily leguminous vegetables, cotton yarn (not for sewing), mineral or chemical fertilisers, potassic, and sulphur-based products.
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