Vast trade potential between Kyrgyzstan and Pakistan needs to be fully explored : Ulanbek
LAHORE : Ulanbek Totuiaev, Ambassador of Kyrgyzstan to Pakistan Friday emphasised the need to fully tap the existing vast trade potential between two countries besides further cementing the existing economic relations on sound footings.
Inaugurating the Kyrgyzstan Trade House ,he said Kyrgyzstan products will be displayed here to attract Pakistani buyers and investors in diversified sectors. He said Pakistan and Kyrgyzstan are enjoying cordial relations, but their bilateral trade of around US$ 8-9 million is much below the actual potential of two countries. He said that both countries are doing trade in limited areas and they should focus on diversification of trade to achieve better desired results.
He said that Kyrgyzstan exported coal this year to Pakistan and being a rich country in natural resources, can supply more products to Pakistan while Pakistan can export many products to Kyrgyzstan including pharmaceuticals, textiles, agricultural products. He said Kyrgyzstan is importing marble from India and Pakistani marble exporters have a good opportunity to capture the market in Kyrgyzstan.
Ulanbek Totuiaev said that a China-Kyrgyzstan-Uzbekistan railway project would be extended to Peshawar through Afghanistan in future that would help in boosting trade relations.He said it’s good omen that Pakistan and Kyrgyzstan on last Friday agreed to enhance the economic and trade cooperation and increase the regional connectivity to provide regional economic and trade integration with Central Asian States.
Chairman Kyrgyzstan Trade House (KTH) Meher Kashif Younis who is also Co-ordinator to Federal Tax Ombudsman and Vice President Gold Ring Economic Forum,a think thank,speaking on this occasion said KTH will act as a bridge between the traders and investors of either countries and interested Pakistani traders will be facilitated to visit Kyrgyzstan for investment and joint ventures.He said promoting bilateral trade and economic relations between Pakistan and Kyrgyzstan could be a milestone in regional and global trade integration and connectivity.He said geo-strategic position of Pakistan and Kyrgyzstan highlights their geo-economic importance, which could play a significant role in promoting trade connectivity amongst different regions and potential markets of the world.
He said geographical location of Kyrgyzstan offers many opportunities for trade with Pakistan as it is the shortest entry point of Pakistani products to the ‘Eurasian Economic Markets’ of 182 million people comprising Russia, Kyrgyzstan, Kazakhstan, Belarus and Armenia.
Meher Kashif Younis said a trade delegation from Pakistan will visit Kyrgyzstan soon to look for new markets for our products including tourism and education.He said trade turnover of the Kyrgyz with Pakistan amounted to 5.9 million dollars in 2021 with Pakistan’s exports amounting to 5.3 million dollars and imports 0.6 million,which he added needs to be enhanced manifolds in the days to come,he concluded.