ISLAMABAD: Pakistan’s Commerce Minister Jam Kamal Khan is in Uzbekistan on a three-day visit aimed at enhancing bilateral trade, commerce and economic ties with the Central Asian state, his ministry confirmed on Sunday, amid Islamabad’s efforts to attract foreign investment to improve its economic prospects.
Pakistan has increasingly sought to enhance regional connectivity to landlocked Central Asian states by providing them access to its warm water ports. It recently offered Central Asian states to become part of the China-Pakistan Economic Corridor project, under which Beijing has pledged around $65 billion in energy, infrastructure and other projects in Pakistan.
Khan arrived in Tashkent on Saturday evening marking the start of his three-day visit to Uzbekistan, the commerce ministry said.
“Key agenda items include strategic meetings with top Uzbek officials such as Deputy Prime Minister Mr. Jamshed Khujaev and Transport Minister Mr. Ilkhom Makhkamov to discuss pivotal projects in trade, investment, and logistics,” the ministry said.
Khan’s visit will feature the ninth session of the Pakistan-Uzbekistan Inter-Governmental Commission (IGC) on Trade-Economic and Scientific-Technical Cooperation, and the fourth Uzbekistan-Pakistan Business Forum, the commerce ministry said. The session will be co-chaired by Khan and Uzbek Minister for Investment, Industry and Trade Mr. Laziz Kudratov.
The ministry said that the Business Forum will host 33 Pakistani business delegates across various sectors for B2B meetings aimed at fostering new partnerships and enhancing trade.
“The minister’s visit reflects both nations’ dedication to deepening economic and technical collaborations and supporting mutual goals, including Uzbekistan’s ongoing WTO accession,” the ministry concluded.
Pakistan has increasingly sought to promote closer ties with regional allies to bolster its fragile $350 billion economy, which is currently suffering from a prolonged macroeconomic crisis.
The South Asian country narrowly avoided a sovereign default last year when it secured a last-gasp $3 billion financial assistance package from the International Monetary Fund (IMF).
Pakistan’s economic crisis saw its inflation reach double-digit figures, foreign exchange reserves plummet to historic lows and its currency weaken significantly against the US dollar over the past two years.