Muhammad Saleem

The Faisalabad Chamber of Commerce and Industry (FCCI) plans to send trade delegations to Uzbekistan to explore new markets. Rehan Naseem, President of the FCCI, told WealthPK that untapped business opportunities between Pakistan and Uzbekistan represent a "gold mine." He emphasized that the FCCI is committed to exploring Uzbek markets through serious and collaborative efforts to ensure mutual benefits for both countries. Naseem shared that he recently met with Alisher Tukhtaev, the Ambassador of Uzbekistan to Pakistan, to discuss business activities in both nations.

He noted the Ambassador’s eagerness to foster stronger ties by boosting bilateral trade between the private sectors of the two countries. The FCCI President highlighted the significant potential for increasing bilateral trade, although he acknowledged that progress has been hindered by various challenges, which he did not detail. He assured that steps would be taken to establish direct relations between the business communities of Pakistan and Uzbekistan. “We have developed a plan to enhance direct ties by exchanging trade delegations,” Naseem said.

“The Uzbek Ambassador has assured us that their embassy will implement a liberal visa policy for businessmen, with visas preferably issued based on FCCI recommendations.” He added that the Ambassador invited the FCCI to organize a trade delegation to Uzbekistan to strengthen bilateral relations and promised to provide maximum support to facilitate Pakistani entrepreneurs in building connections with their Uzbek counterparts. Naseem pointed out that Uzbekistan, as an emerging economy, offers promising business opportunities for Pakistani enterprises in sectors such as textiles, agriculture, and pharmaceuticals.

By understanding the specific needs of Uzbek businesses, he said, Pakistani entrepreneurs can strategically position their products in these markets. Saeed Ahmed, a trade analyst, told WealthPK that Pakistan’s high-quality textile products hold immense potential in Uzbekistan, where thriving markets present a golden opportunity for exporters However, he cautioned that without government support, Pakistani exporters may struggle to compete on pricing with rivals from India, Sri Lanka, Vietnam, and Bangladesh. Ahmed identified the high cost of energy in Pakistan as a major barrier for exporters, making it difficult to capitalize on opportunities in Uzbekistan.

He urged the government to introduce special incentives for industrialists exploring business prospects in Uzbekistan, emphasizing the need to expand into new markets as global competition intensifies. In addition to textiles, Ahmed noted that Pakistani agricultural products such as fruits and vegetables could gain traction in Uzbek markets due to their quality and competitive pricing. He also highlighted the potential for collaboration in Uzbekistan’s growing pharmaceutical sector, as the country seeks to enhance its healthcare system.

Ahmed criticized Pakistan’s overreliance on a handful of export destinations, which has left the country vulnerable to economic fluctuations in those regions. “We need to reduce this dependency and build a more resilient economy by exploring new markets like Uzbekistan,” he said. He stressed that improving exports is essential for addressing Pakistan’s economic challenges, creating jobs, and driving domestic growth. “Expanding into markets like Uzbekistan is critical for turning the tide,” he concluded.

Credit: INP-WealthPk