PM Shehbaz calls for $1bn trade boost as Pakistan, Kazakhstan sign 36 MoUs

Pakistan and Kazakhstan signed on Wednesday 36 agreements and Memorandums of Understanding (MoUs) in several sectors, including petroleum, mining, and maritime affairs, as Prime Minister Shehbaz Sharif urged an increase in trade volume between the two countries to $1 billion.

While addressing a joint press conference with Kazakhstan President Kassym-Jomart Tokayev, PM Shehbaz said that they had very useful and productive meetings since the morning and hoped that President Tokayev will “make sure that the MoUs are converted into agreements and then move to their implementation phase as early as possible”.

The premier said Pakistan recognized Kazakhstan as a strategic and one of the most valued partner in Central Asia and assured to work closely with the country to ensure speedy implementation of the MOUs signed “to ensure strong relations in trade, economy and culture”.

The PM also mentioned that the trade volume between the two countries is $250 million, emphasizing the need for collective efforts to take the trade volume to $1 billion in the next one year.

READ MORE: Kazakhstan eyes joint ventures with Pakistan in food, agriculture and pharmaceuticals

He said both countries will encourage their business communities to come forward and invest in joint ventures.

Moreover, PM Shehbaz said they had agreed to Belarus, Russia, Kazakhstan, Uzbekistan, Afghanistan, and Pakistan transport corridor to enhance regional connectivity.

“We have offered Kazakhstan full access to Pakistan’s transit infrastructure and seaport facilities,” he said, adding that collaboration in the energy sector will be a win win situation.

Meanwhile, President Tokayev said the people of both countries were united by centuries old ties rooted in the legacy of the great Silk Road as well as by deep cultural and spiritual affinity.

“The two nations share common values, traditions and joint aspirations for the future,” he said.

READ MORE: Kazakhstan President arrives in Pakistan

Describing the signing of joint declaration as historic, the Kazakh President said both countries will open up immense opportunities to engage across full spectrum of bilateral and multilateral agenda by alleviating their relations to a new level.

Earlier, the Kazakh president was accorded a warm reception and a guard of honour as he arrived at the Prime Minister’s House and was received by Prime Minister Shehbaz.

The national anthems of Kazakhstan and Pakistan were played.

During the visit, President Tokayev is also expected to meet with President Asif Ali Zardari, and address the Pakistan-Kazakhstan Business Forum.

“The visit will provide the two sides an important and timely opportunity to undertake a comprehensive review of bilateral relations, discuss new avenues for broadening cooperation, particularly in trade, logistics, regional connectivity, people-to-people contacts, and explore collaboration at regional and international forums,” as per the statement.