Pharmaceuticals, agriculture and tourism sectors are potential areas for investment
Karachi: In a bid to ease procedures for Pakistan’s business community, Uzbekistan’s embassy has announced a simplified visa application process.
Entrepreneurs will receive their visas within a day after submission of requests online, a statement released by the embassy on Monday said.
Pakistan and Uzbekistan, located in close geographical proximity, are well-positioned to cooperate with each other in the pharmaceutical, agriculture and tourism sectors.
Reforms and reduced energy tariffs have particularly turned Uzbekistan into a good investment destination.
Moreover, Uzbekistan manufactures high-quality home appliances, automotive components, heavy-duty trucks, earthmoving machinery and agricultural equipment, which can be exported to Pakistan.
The country’s products compare favourably with European-made machinery, in terms of quality and standard, yet they are cost-effective and affordable for developing countries such as Pakistan. As part of its reforms Uzbekistan’s government has reiterated its intent to open opportunities for development of trade and economic cooperation with Pakistan, in order to boost trade.
The country recently reduced power tariffs and announced several other incentives for foreign investors.
Uzbekistan is reportedly open to cooperating with Pakistan in establishment of agriculture machinery assembling units besides contemplating to develop transport corridors between the two countries.
The existent trade and investment potential in Pakistan was said to be also taken into consideration so as to pave way for close trade and investment linkages between the two.