Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Nasser Hyatt Maggo has welcomed the signing of business-to-business joint ventures between Pakistan and Uzbekistan private sector.
In a statement on Monday, the FPCCI president said that pharmaceuticals, textiles, leather, petrochemicals and agriculture sectors have been the focus of memoranda of understanding (MoUs) signed between the private sector entities of the two sides.
Maggo expressed his gratitude to the government of Pakistan for providing an opportunity to the private sector to accompany the prime minister on this high-profile and fruitful visit to the Republic of Uzbekistan.
He thanked Deputy Prime Minister of Uzbekistan and Minister for Investments and Foreign Trade Sardor Umurzakov and Chairman, Chamber of Commerce & Industry of Uzbekistan Ikramov Adham Ilkhamovich for their hospitality and their effective role in making his and other business leaders’ visit a success. He acknowledged their efforts in productively connecting businessmen of the two countries.
The FPCCI chief said that the MoUs signed with Uzbek businesses and corporates will translate into billions of rupees of economic activity and will be a win-win for both sides. Most MoUs have been signed in industrial and labour-intensive sectors and will create a lot of jobs, he added.
Maggo noted with satisfaction that the entourage of the business leaders accompanying the prime minister comprised over 100 top businessmen, traders and industrialists from Pakistan; which shows the willingness of Pakistani businessmen to expand and cement the business relations with the brotherly country.
Maggo also discussed the upcoming Preferential Trade Agreement (PTA) – expected to be signed in September 2021 – with the Prime Minister Imran Khan and stressed the need to take FPCCI on board for being the apex representative business, industry and trade body of Pakistan. The prime minister graciously agreed to the feedback and said that FPCCI will be taken on board before signing the PTA with Uzbekistan.
He said that FPCCI is looking forward to working in close coordination with Uzbek business and industry leaders to tap the true potential of trade, investment and joint ventures between the two countries.