FPCCI welcomes joint ventures with Uzbekistan worth billions

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has welcomed the signing of business-to-business joint ventures between the private sectors of Pakistan and Uzbekistan, a statement said on Monday.

FPCCI president Mian Nasser Hyatt Maggo said that the memoranda of understanding were signed in pharmaceuticals, textiles, leather, petrochemicals and agriculture sectors, it added.

Maggo expressed his gratitude to the government of Pakistan for providing an opportunity to the private sector to accompany the prime minister of Pakistan on this high-profile and fruitful visit to Uzbekistan.

He thanked Sardor Umurzakov, deputy prime minister of Uzbekistan and minster for investments and foreign trade and Ikramov Adham Ilkhamovich, chairman of the Chamber of Commerce and Industry of Uzbekistan for their hospitality and their effective role in making his and other business leaders’ visit a success.

Maggo acknowledged their efforts in productively connecting businessmen of the two countries. The MoUs signed with the Uzbek businesses and corporates will translate into billions of rupees of economic activity and will be a win-win situation for both sides.

Most of the MoUs have been signed in industrial and labour-intensive sectors and will create a lot of jobs, he said, adding that the entourage of the business leaders accompanying the prime minister comprised of over 100 top businessmen, traders and industrialists from Pakistan, which showed the willingness of the 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 –and stressed the need to take the FPCCI onboard for being the apex representative business, industry and trade body of Pakistan.

The prime minister graciously agreed to the feedback and told that the FPCCI will be taken onboard before signing a preferential trade agreement with Uzbekistan.

The FPCCI is looking forward to working in close coordination with the Uzbek business and industry leaders to tap the real potential of trade, investment and joint ventures between the two countries, he added.

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