Uzbekistan announces 10-year tax exemption for Pakistani traders during business forum

2026-02-06 - 11:06

ISLAMABAD – Uzbek President Shavkat Mirziyoyev has announced a 10-year tax exemption for Pakistani traders during his two-day visit to Pakistan, aiming to boost trade and investment between the two countries. The announcement was made at the Pakistan-Uzbekistan Business Forum held in Islamabad, which was attended by Prime Minister Shehbaz Sharif and President Mirziyoyev, along with business leaders from both countries. Addressing the forum, Prime Minister Shehbaz Sharif welcomed Uzbek delegates and said the growing economic and trade relations between the two countries were encouraging. He highlighted that agreements worth $3.4 billion between private sectors of both countries mark significant progress, adding that the previous business forum had also contributed to increased trade activity. The prime minister said the forum serves as an effective platform to promote economic cooperation and investment. He noted that trade activities worth $450 million were recorded over the past year and both countries have the potential to increase bilateral trade to $2 billion. He added that both sides have agreed to expand cooperation in science, technology, energy, agriculture, and textile sectors. Shehbaz Sharif said Pakistan has successfully reduced inflation to single digits and lowered the policy rate after overcoming economic challenges faced in 2023. He also highlighted the rapid growth of Pakistan’s IT sector. Praising Uzbekistan’s progress, the prime minister said the country’s GDP has doubled over the past decade under President Mirziyoyev’s leadership, while poverty and unemployment have significantly declined. He assured Uzbek companies of a safe and attractive investment environment in Pakistan. He said Pakistani textile exporters are keen to establish plants in Uzbekistan, which would benefit both economies. He also noted cooperation in natural resources, health, transport, tourism, and agricultural trade, including meeting Uzbekistan’s demand for rice and potatoes. President Mirziyoyev, while addressing the forum, appreciated Prime Minister Shehbaz Sharif’s leadership and said relations between Pakistan and Uzbekistan have taken a multidimensional shape. He said implementation of agreements signed during the forum would further strengthen bilateral ties. The Uzbek president said his government and people value relations with Pakistan and emphasized that investors and traders from both countries are benefiting from each other’s experience. He said Uzbekistan would support Pakistan in surgical instruments and pharmaceutical manufacturing and provide facilities to Pakistani investors in the textile sector. Mirziyoyev also praised trade activities through the National Logistics Cell across China, Kyrgyzstan, and Uzbekistan. He announced a 10-year tax exemption for Pakistani traders and expressed readiness to enhance cooperation in the health sector. He declared 2026 as the year of strengthening mutually beneficial partnership between the two countries. During the forum, the documents were exchanged for establishing the Tashkent Leather Zone and promoting cooperation in minerals and mining sectors. The agreements were also signed to enhance textile production and exports, as well as cooperation in agriculture, livestock, dairy farming and the medical sector.