KYRGYS COMPANIES ARE INTERESTED IN PAKISTAN’S PHARMACEUTICAL AND AGRICULTURE SECTORS

Extensive business experiences of Lahore Chamber can be helpful in enhancing business relations between Pakistan and Kyrgyzstan. Both countries have historical, cultural and economic ties. The international situation, especially the conflict between Ukraine and Russia, calls for better economic relations between regional countries as the current state of the global economy is challenging. These views were expressed by the Ambassador of Kyrgyzstan Ulanbek Tutoyev while addressing a meeting in Lahore Chamber. President of Lahore Chamber Kashif Anwar welcomed the Ambassador while EC members of Lahore Chamber were also present on the occasion. The Ambassador said that Kyrgyzstan offers wide possibilities for economic cooperation in all sectors in a more effective and meaningful manner.

To increase trade, he suggested that trade activities such as trade fairs could help. He said that Kyrgyzstan Pakistan Trade House will be inaugurated today and invited the officials of Lahore Chamber to participate in the opening ceremony. He said that Kyrgyzstan companies are interested in Pakistan's pharmaceutical and agriculture sector.

Pakistan's textile products are more expensive than China and Turkey due to their quality. He added that Kyrgyzstan offers excellent investment opportunities in more than 30 investment projects. He stressed the need for better banking mechanism between the two countries to provide free movement of capital between the two countries. He said that a railway line has been proposed between China, Kyrgyzstan and Uzbekistan, which will pass through Mazar in Afghanistan. It can be extended from Sharif to Peshawar in Pakistan.

President of Lahore Chamber Kashif Anwar said that Lahore Chamber is definitely ready to make efforts to increase trade and economic relations between the two countries. He said that Pakistan and Kyrgyzstan OIC, SCO and ECO etc. while the two countries are enjoying friendly and cordial relations since 1992.

We have strong brotherly ties in religious and cultural ties. The president of the Lahore Chamber added that the bilateral trade hardly reflects the mutual relations between Pakistan and Kyrgyzstan. One of the reasons for this is that there has been very little trade between the two countries for the past several years, he said, adding that Pakistan's imports from Kyrgyzstan are almost negligible, but some medicines and sports goods are exported to Kyrgyzstan are being done.

Kashif Anwar said that according to the trade statistics released by the State Bank of Pakistan, Pakistan's total exports to Kyrgyzstan in 2020-21 were about $2 million, which reached about $2.6 million in 2021-22. We are looking to get a better share of Kyrgyzstan's total imports which were around $5.6 billion during the last year. He emphasized that the pharmaceutical sector deserves special mention as Pakistan has made great progress in this sector.

He further said that the total imports of medicines by Kyrgyzstan were worth 190 million dollars while Pakistan's share was only around 1.5 million dollars. Kashif Anwar said that Pakistan has a great potential to export various goods to Kyrgyzstan. As a matter of fact, the import of apparel goods from Kyrgyzstan is more than 350 million dollars.