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ISLAMABAD, Jan 21 (APP):Uzbekistan has expressed keen interest in selling its 29 textile units producing yarn and fabric to Pakistani entrepreneurs and has also proposed the establishment of a dedicated Uzbekistan–Pakistan Textile Industrial Zone in Uzbekistan, complemented by tax holidays to promote joint industrial growth and mutual prosperity of the business communities of both countries.
The landmark offer was made by Rukhullo Zikrillaev, Deputy Director, Agency for Development of Light Industry of Uzbekistan, who was leading an Uzbek delegation during a significant meeting with the leadership of the Islamabad Chamber of Commerce and Industry (ICCI).
Rukhullo Zikrillaev said that Pakistani investors could acquire the textile units through easy year-by-year payments spread over five years, low-interest credit facilities, and cashback guarantees, said a press release issued here on Wednesday.
He added that Uzbek textile entrepreneurs are also keen to invest to Pakistani companies by entering into joint venture production arrangement where Uzbek side ready to bring best quality Uzbek fabrics to Pakistan and jointly produce ready garments for big brands in Europe and USA that allows to achieve value addition and boost exports for mutual benefit.
He also offered to establish cooperation with Pakistani Textile Sourcing companies by offering them up to 5% cash-back from their export amount from Uzbekistan.
Highlighting the competitive cost structure in Uzbekistan, he informed that electricity tariffs are as low as eight US cents per unit. He further stated that Uzbekistan enjoys GSP Plus status with Europe and FTA with CIA countries, making it an attractive destination for export-oriented investments.
President ICCI Sardar Tahir Mehmood said that Pakistan and Uzbekistan are fully aware of their immense potential in trade, transportation, energy, tourism, regional connectivity, and several other sectors. He expressed optimism that the visit would inject fresh momentum into bilateral relations and help convert goodwill into tangible outcomes.
He said that ICCI is fully committed to enhancing overseas business linkages for the economic development of Pakistan and the benefit of the business community, and assured that the Chamber would actively disseminate this valuable information to relevant stakeholders as part of its institutional responsibility.