ISLAMABAD
The China-Pakistan Economic Corridor (CPEC) has opened doors to Pak-Kyrgyz trade expansion.
To develop commercial and trade links, Pakistan and Kyrgyzstan work and cooperate in a variety of ways, according to a media report. The opening of a branch of the National Bank of Pakistan in 2000 in Bishkek, Kyrgyzstan’s capital, is one such case. This NBP branch closed recently, while 22 Pakistani banks are still operating there.
Furthermore, bilateral ties have greatly strengthened, as both countries support and interact with one another at many international forums such as the OIC, UN, ECO, SCO, and others.
Kyrgyzstan is a major provider of hydroelectricity in Central Asia because of its abundant water resources. Pakistan is expected to acquire 1300-megawatt hydel electricity from Kyrgyzstan and Tajikistan under the Central Asia South Asia Electricity Transmission and Trade Programme. By 2023, the project should be completed.
The Quadrilateral Traffic and Transit Agreement (QTTA) between Pakistan, China, Kyrgyzstan, and Kazakhstan, which is part of the China Pakistan Economic Corridor, offers an excellent communication network between Central Asia and Pakistan’s Gwadar port in the Arabian Sea.
Pakistan and Kyrgyzstan, two CAREC (Central Asia Regional Economic Cooperation) nations that are close neighbours, may considerably benefit from enhanced regional connectivity and trade. Both nations are growing economies with substantial agricultural bases and significant strategic benefits to offer the alliance.
Despite regular high-level active engagement with one another, trading volume is quite modest. The current trade volume does not match the two sibling nations’ trading potential.
Kyrgyzstan is interested in joining the China-Pakistan Economic Corridor and benefiting from the Gwadar port’s vast economic potential.
The Kyrgyz ambassador recently stated that the expansion of CPEC provided significant potential for his country. With its second phase focused on agriculture and industrial collaboration, CPEC has been booming recently. CPEC’s Special Economic Zones (SEZs) also provide several benefits.
Through CPEC projects and other key landscapes in Pakistan, Kyrgyz investors may take advantage of business and tourist prospects. Being members of the Shanghai Cooperation Organisation (SCO), both nations are working to improve regional understanding on trade, investment, security cooperation, and people-to-people connections, according to the ambassador.
