ISLAMABAD, Feb 4: On Wednesday, Pakistan and Kazakhstan pledged to significantly boost trade and regional connectivity, setting a target of increasing their bilateral trade volume to $1 billion within the next year. They also plan to develop a multi-country transport corridor linking Central and South Asia.
Prime Minister Shehbaz Sharif, alongside Kassym-Jomart Tokayev, President of Kazakhstan, announced the agreement on the Belarus- Russia- Kazakhstan- Uzbekistan, Afghanistan- Pakistan transport corridor to enhance regional connectivity.
The Prime Minister encouraged business communities from both countries to invest in joint ventures, noting that despite strong political ties, the current $250 million trade volume does not reflect the full potential of their relationship.
The two leaders witnessed the exchange of 37 memorandums of understanding (MoUs) and agreements across diverse sectors including finance, trade, industry, transport, energy, health, culture, security, education, media, science, technology, climate change, and agriculture.
Prime Minister Sharif emphasized the importance of turning these MoUs into actionable projects and called for timely implementation to deliver tangible benefits. He reiterated Pakistan’s interest in expanding partnerships with Kazakhstan in energy, mining, transport, and other sectors.
President Tokayev recognized Pakistan as a significant partner and described the elevation of their bilateral relations to a strategic partnership as a catalyst for new opportunities. He noted that bilateral trade had doubled in the past year and both countries were taking concrete steps towards achieving their trade target.
He highlighted the priority in the transport and logistics sector, aiming to improve trade flows and connectivity. The discussions also delved into Pakistan’s evolving role in regional transit, particularly through the ports of Karachi and Gwadar.
President Tokayev invited Pakistani companies to establish production facilities in Kazakhstan, especially in agricultural processing, pharmaceuticals, and construction materials, offering favorable conditions for investors.
