Press Release
NAVEED QAMAR OPENS 5TH SESSION OF PAK-UZBEK JMC
Islamabad, March 17, 2011
The 5th session of Pakistan-Uzbekistan Joint Ministerial Commission (JMC) will provide a solid base to build economic and cultural partnership on rising trajectory. Syed Naveed Qamar Federal Minister for Privatisation, Water & Power said in the opening session of Pak-Uzbek JMC here today.
He hoped that the deliberations of the session would provide the scope for materialize full potential of both the economies and it would also provide opportunity to move forward for cooperation in transportation, textile, energy, tourism, agriculture, IT & Telecommunication, Banking, Finance and similar fields.
Syed Naveed Qamar stressed upon the need to further improve the bilateral trade by vigorously involving the private sector and strengthening cooperation between the chambers and industry of the two countries. Agreements on establishing banking channels and liberal visa regimes were imperative to improve bilateral trade and investment and to increase business-to-business contact through the mechanism of Joint Business Council, he added.
The Minister underlined the need for forging cooperation in the field of agriculture, energy, petroleum & natural resources and science and technology and offered Pakistan's assistance for the development of Uzbek Human Resources for training in various fields.
Giving an overview of Pakistan's economy Syed Naveed Qamar informed that the persistent economic reforms introduced in Pakistan have provided good platform to attract foreign direct investment. Pakistan has a stock of more than US $ 60 billion as FDI and almost all international companies are operating in various fields of Pakistan. The areas of intent for FDI include energy, finance, telecommunication and consumer goods. Country's foreign exchange reserves have been build beyond US $ 17 billion from as low as $ 6.4 billion in October 2008 while during the current fiscal year, Pakistan has estimated its exports to excel beyond US $ 22 billion, as against US $ 19.7 billion during previous fiscal year, he added.
Addressing the JMC, the leader of the Uzbek delegation Mr. Ruziev Zafar Shripovich Minister for Agriculture and Water Resources informed that his country was working on modernization and diversification of economy while the energy resources were sufficient enough to cover the demand of the economy for the next 100 years. The Uzbek delegation expressed his satisfaction over the progress being made by both countries for trade and economic cooperation and termed Pakistan an important partner of Uzbekistan in South Asia region. There was a need to accelerate the pace of exploiting available bilateral trade potential of both countries, he added.
The opening session was followed by discussions during technical sessions at the experts' level of both the countries.
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