ISLAMABAD, JAN 21 /DNA/ – Uzbekistan has expressed keen interest in selling its 29 textile units producing yarn and fabric to Pakistani entrepreneurs and has also proposed the establishment of a dedicated Uzbekistan–Pakistan Textile Industrial Zone in Uzbekistan, complemented by tax holidays to promote joint industrial growth and mutual prosperity of the business communities of both countries.
The landmark offer was made by Rukhullo Zikrillaev, Deputy Director, and Agency for Development of Light Industry of Uzbekistan, who was leading an Uzbek delegation during a significant meeting with the leadership of the Islamabad Chamber of Commerce and Industry (ICCI) at the Chamber House.
Rukhullo Zikrillaev said that Pakistani investors could acquire the textile units through easy year-by-year payments spread over five years, low-interest credit facilities, and cashback guarantees. He added that Uzbek textile entrepreneurs are also keen to invest in Pakistani companies by entering into joint venture production arrangements where the Uzbek side is ready to bring best quality Uzbek fabrics to Pakistan and jointly produce ready garments for big brands in Europe and USA that allows to achieve value addition and boost exports for mutual benefit. He also offered to establish cooperation with Pakistani Textile Sourcing companies by offering them up to 5% cash-back from their export amount from Uzbekistan.
Highlighting the competitive cost structure in Uzbekistan, he informed that electricity tariffs are as low as eight US cents per unit. He further stated that Uzbekistan enjoys GSP Plus status with Europe and FTA with CIA countries, making it an attractive destination for export-oriented investments.
In his welcome address, President ICCI Sardar Tahir Mehmood said that Pakistan and Uzbekistan are fully aware of their immense potential in trade, transportation, energy, tourism, regional connectivity, and several other sectors. He expressed optimism that the visit would inject fresh momentum into bilateral relations and help convert goodwill into tangible outcomes.
He said that ICCI is fully committed to enhancing overseas business linkages for the economic development of Pakistan and the benefit of the business community, and assured that the Chamber would actively disseminate this valuable information to relevant stakeholders as part of its institutional responsibility.
Senior Vice President ICCI Tahir Ayub said that Pakistan and Uzbekistan enjoy the most cordial relations and emphasized the need to explore new avenues of cooperation to benefit the business communities and peoples of both countries.
Advisor to ICCI President on Economy, Naeem Siddiqui termed the incentives offered by the Uzbek side as highly attractive and significant for Pakistani investors.
The meeting was also attended by Vice President Irfan Chaudhry, Executive Members Malik Mohsin Khalid, Raja Naveed Satti, Zulqurnain Abbasi, Rohail Anwar Butt, and other members of the business community.
Muhajid Ali Khan, Deputy Director. The Uzbekistan Trade Center and Ms. Nadia Aman Secretary General Uzbekistan and CIS Trade Center were also present in the meeting.
