LCCI informed: Karakalpakstan offers vast investment opportunities
LAHORE: Chairman of the Council of Ministers of the Republic of Karakalpakstan, Farkhod Ermanov, has said that Pakistan and Uzbekistan have become strategic partners, with their relations growing stronger through mutual trust, shared values and the vision of the leadership of both countries.
Addressing a meeting at the Lahore Chamber of Commerce and Industry (LCCI) he said Karakalpakstan offers vast investment opportunities in natural resources, energy, industry, agriculture and transit, while investors are being offered tax incentives, affordable energy and world-class infrastructure.
The meeting was attended by Ambassador of Uzbekistan to Pakistan Alisher Tukhtaev, LCCI Senior Vice President Tanveer Ahmad Sheikh, Vice President Khurram Lodhi, former LCCI President Mian Anjum Nisar, Deputy Chairman of the Council of Ministers of Karakalpakstan Jollibekov Vladimir Bakhtiyarovich, Honorary Consul of Uzbekistan Najeeb Mushtaq Vohra, Punjab Board of Investment and Trade CEO Tauseef Dilahad Khatana, Executive Committee members Waqas Aslam, Firdos Nisar, Karamat Ali Awan, Sheikh Fayyaz, Mohsin Bashir, Shouban Akhtar, Rana Nisar and Ehtesham-ul-Haq, along with a large number of business leaders.
Chairman Farkhod Ermanov said Karakalpakstan has exceptional potential in mining, construction materials, chemicals, hydrocarbons, renewable energy—especially wind power—and logistics. He invited Pakistani investors to explore these opportunities, saying the region offers attractive incentives and a business-friendly environment. He also appreciated Pakistan’s diplomatic efforts for regional peace, saying that lasting peace would create new opportunities for trade, investment and regional prosperity.
Uzbekistan’s Ambassador to Pakistan, Alisher Tukhtaev, said the LCCI has been playing an important role in promoting trade relations between the two countries. Pakistan and Uzbekistan share centuries-old historical, cultural and civilization ties, and removing existing trade barriers would significantly increase economic cooperation. He said six direct flights have been launched between Pakistan and Uzbekistan over the past 18 months, adding that Uzbekistan’s economy is growing at an annual rate of 7-8 percent and attracted USD43.5 billion in foreign direct investment last year. He said both countries are committed to increasing bilateral trade to USD2 billion within the next five years. He also observed that the 30 Memorandums of Understanding signed during the recent visit of the President of Uzbekistan to Pakistan reflect this shared commitment.
LCCI President Faheem Ur Rehman Saigol said Pakistan and Uzbekistan have immense potential for trade, investment and industrial cooperation. He said the Lahore Chamber would continue to play its role in strengthening business-to-business relations between the two countries.
The LCCI president said bilateral trade between Pakistan and Uzbekistan reached around USD143 million during FY2024-25, including Pakistan’s exports of USD64 million and imports of USD79 million. He said there is significant room to increase these figures.
On the occasion, the LCCI and the Ministry of Investment, Industry and Trade of the Republic of Karakalpakstan signed a Memorandum of Understanding (MoU) to promote bilateral trade, investment, exchange of commercial information and business cooperation.
Copyright Business Recorder, 2026