Business
Tajik Envoy visits LCCI, calls for efforts to increase trade volume
Tajik Ambassador Tajikistan Sharifzoda Yousuf Toir invites the LCCI delegation to visit Tajikistan and explore market opportunities
Lahore: The Ambassador of Tajikistan Sharifzoda Yousuf Toir visited the Lahore Chamber of Commerce and Industry and held a productive meeting with LCCI President Kashif Anwar on Monday.
The meeting was focused on the strong brotherly relations between Pakistan and Tajikistan with a shared focus on enhancing bilateral trade.
During the discussions, the Ambassador called for efforts to increase the trade volume between the two countries. He said that Tajikistan is abundant with wool and Pakistani businessmen can start ventures in this particular sector in Tajikistan with 100 percent ownership.
He added that there is no tax and customs duty on industrial machinery for those who want to setup industry in Tajikistan. He said that Pakistan has significant potential to export furniture to Tajikistan, offering mutual economic benefits.
Chairperson Chief Minister's Directorate of Evaluation, Monitoring, Inspection Brig. (R) Babar Ala-ud-Din, LCCI Executive Committee Members Fareeha Younas, Attiq ur Rehman and Muhammad Usman were also present.
The Ambassador invited the LCCI delegation to visit Tajikistan and explore market opportunities. He also pointed out that Tajikistan could serve as a strategic gateway for Pakistan to access other Central Asian countries further expanding trade links.
The Ambassador invited Pakistani businessmen to participate in the major trade expo in Tajikistan scheduled from 24th to 27th October 2024.
The Ambassador added that Tajikistan offers a highly favorable environment for business. He urged Pakistani entrepreneurs to form a team and visit Tajikistan, suggesting the establishment of a Pakistan Pavilion and the organization of an exhibition there. The Ambassador emphasized the vast opportunities available in various sectors, including the furniture and food processing industries, among others, in Tajikistan.
LCCI President Kashif Anwar said that Pakistan and Tajikistan enjoys strong cultural, religious and historical links. Both brotherly countries share common membership in many international bodies and organizations such as Organization of Islamic Cooperation, Economic Cooperation Organization and Shanghai Cooperation Organization.
He said that Pakistan considers Tajikistan an important economy in Central Asia as Tajikistan, with its strategic location and growing economic landscape, offers immense opportunities for collaboration.
The LCCI President mentioned about the Prime Minister Shahbaz Sharif’s recent visit to Tajikistan that is being marked as a landmark event in Pakistan’s growing relationship with Central Asia, especially Tajikistan. During his meeting with the honourable President of the Republic of Tajikistan H.E. Emomali Rahmon, several important Memorandums of Understanding were signed. The Prime Minister especially emphasized the need for establishing a rail connection with Tajikistan, through Afghanistan, to the Port of Karachi, which would further strengthen the ties between our countries.
Kashif Awnar was of the view that by developing direct air, rail and road connectivity, the economic relation between the two countries can be taken to new heights.
He said that LCCI accords great importance to Tajikistan as an important economy in Central Asia, in line with the Government of Pakistan’s “Vision Central Asia” Policy which is based on the five pillars of bilateral cooperation i.e. political, trade & investment, energy & connectivity, security & defence and people-to-people contacts.
“We are glad that both countries have reaffirmed early finalization of the flagship power project CASA-1000, which would enable Tajikistan to sell clean hydropower-produced surplus electricity to Pakistan through a shared electricity transmission system. This would open new avenues for future energy corridors, leading to prosperity for the whole region”, the LCCI President added.
Kashif Anwar said that despite having immense potential of trade, the bilateral trade volume remained limited to around 20.5 million dollars in 2023-24 which was around 26.9 million dollars in 2022-23.
He said that according to the statistics of State Bank of Pakistan, our exports to Tajikistan were 14.4 million dollars in 2023-24 whereas our imports were just 6.1 million dollars. The total imports of Tajikistan are 5.7 billion dollars in which the share of exports from Pakistan is negligible.
He said that Pakistan’s exports to Tajikistan mainly consist of dairy products and pharmaceuticals etc. while the imports are primarily of cotton. The potential areas where Pakistan and Tajikistan can enhance trade and economic ties are value added textiles, footwear, Halal meat, pharmaceutical products, furniture, rice, fruits & vegetables etc. Tourism is another potential sector where there is an immense scope for Joint Ventures.
There is a great opportunity for Tajikistan to avail the facility of Pakistani seaports and CPEC. It is worth mentioning that Pakistani seaports offer the most efficient and shortest economic route for Central Asian countries to the markets in Middle East and beyond.
He said that the important steps which can prove to be instrumental in enhancing trade are exchange of Export Oriented Trade Delegations, Single Country Exhibitions and close liaison between trade bodies of both countries.
The LCCI President particularly mentioned the Special Investment Facilitation Council (SIFC) established to primarily focus on expediting new investments in various sectors including Defence, Agriculture, Minerals & Mining, Information Technology/ Telecommunication and Energy.