ISLAMABAD: In a bold step to boost financial connectivity, the state-owned National Bank of Pakistan (NBP) is set to open a branch in Uzbekistan, marking a significant push to deepen economic ties between the two countries.
The announcement came during a meeting between Haroon Akhtar Khan, the special assistant to the prime minister on industries and production, and Uzbek Ambassador to Pakistan Alisher Takhtaev on Monday.
The State Bank of Pakistan (SBP) also offered assurances that ongoing issues related to banking and financial integration would be resolved promptly. The two sides agreed to work towards doubling bilateral trade to USD2 billion, with particular focus on sectors such as textiles, pharmaceuticals, surgical instruments, mining, and information technology (IT).
During the discussions, the pharmaceutical sector emerged as a key priority. Pakistan, it was decided, would expedite the certification process for Pakistani pharmaceuticals in Uzbekistan.
To address this, a Pakistan–Uzbekistan Joint Pharmaceutical Committee is being formed, which will include representatives from the Drug Regulatory Authority of Pakistan (DRAP), the Pakistan Pharmaceutical Association, and Uzbek officials. The move is expected to streamline regulatory processes and boost the export of Pakistani medicines to Uzbekistan.
The Uzbek Ambassador also suggested the establishment of direct flights between Karachi and Tashkent, which could serve to increase both trade and tourism.
He emphasized his country’s commitment to regional integration, highlighting the shared goal of connecting the markets of Central and South Asia.
Both sides agreed that expanding bilateral cooperation in the pharmaceutical sector is crucial. Uzbek representatives expressed admiration for Pakistan’s pharmaceutical capabilities and pointed to the success of Uzbekistan’s Pharma Park model, which they said could be replicated in Pakistan.
However, Pakistani pharmaceutical stakeholders raised concerns about the slow pace of certification for their products in Uzbekistan.
In response, Akhtar confirmed that Prime Minister Shehbaz Sharif had instructed the relevant authorities to expedite the process and initiate direct flights between the two countries as soon as possible. Pakistani airlines will also be encouraged to take part in the initiative.
The discussions also underscored the importance of cooperation in the banking sector, with both parties acknowledging that existing barriers are hindering the potential for greater trade.
Akhtar noted that the Prime Minister had directed that provincial governments be included in all joint Pakistan-Uzbekistan projects to ensure broader engagement and coordination.
Further talks also focused on enhancing land and railway connectivity, with both sides emphasizing the potential of the Trans-Afghan Railway Project.
Collaboration in the mining sector was also reviewed, with a call for joint working groups to present detailed progress reports at the next review session.
Copyright Business Recorder, 2025
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