Islamabad: The Joint Protocol of mutual cooperation between Pakistan and Uzbekistan signed in March 2011 in the fields of Trade, Economic, Finance, Scientific technical cooperation, Transportation and transit of goods, bilateral investment, Power sector, Food and Agriculture, IT and Telecom, Culture and Environment will pave the way to boost economic interaction between the two friendly countries. Mr. Ghous Bux Khan Mahar Federal Minister for Privatisation said during a meeting with Mr. Oybek Arif Usmanov Ambassador of Republic of Uzbekistan to Pakistan who called on him here today.
The Minister said that there was a need to facilitate the business community of both sides through exchange of delegations to explore the investment opportunities under Pakistan’s Privatisation Program and the untapped business potential in both green and brown field projects, particularly in the power sector, which was dominant.
Mr. Ghous Bux Mahar further stated that all economic sectors in the country were open for FDI with a level playing field for the local and the foreign investors, having no restriction on the quantum of equity and the attractive incentives including remittance of royalty, capital, profit and dividends, which fully protected foreign investment in the country. The Privatisation Program was focused to improve the efficiency of State Owned Entities (SOEs) by associating the private sector through the sale of 26 % GoP shares with management control, he added.
The Uzbek envoy to Pakistan Mr. Oybek Arif Usmanov offered Uzbek assistance in the field of alternate source of energy and expressed keen interest in the banking, construction, communication, infrastructure sectors and hoped that the current momentum in translating excellent political relations into commercial and economic cooperation would grow further and would promote bilateral cooperation.
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