ISLAMABAD: Pakistani caretaker commerce minister, Dr. Gohar Ejaz, this week highlighted the country’s potential to enhance trade with Central Asian to $50 billion, as the cash-strapped South Asian country looks to bolster trade relations and foreign investments.

Pakistan has been desperately seeking foreign investment as it reels from an economic crisis that has seen its national currency depreciate to historic lows against the US dollar and its foreign exchange reserves plummet to critically low levels. The last few weeks have been marred by nationwide protests and strikes over record fuel and electricity bills. 

As part of its recovery plan, Pakistan set up a hybrid civil-military investment council in June to attract international investments particularly in agriculture, mining, minerals, and other sectors. Caretaker Prime Minister Anwaar-ul-Haq Kakar confirmed on Monday Islamabad was expecting investments to the tune of $25 billion each from Saudi Arabia and the UAE within the next two to five years.

“Federal Minister for Commerce, Dr. Gohar Ejaz Unveils $50 Billion Trade Potential with Central Asia on Independence Day Celebration of Uzbekistan,” Pakistan’s Ministry of Commerce said in a statement earlier this week. 

Ijaz pledged to enhance Pakistan’s bilateral trade with Uzbekistan to $1 billion within the current year, the ministry said, adding that Pakistan and Uzbekistan had made “substantial progress” in bilateral trade, increasing it from $27 million in 2019-20 to $126.05 million in 2022-23.

“A roadmap has already been signed to boost bilateral trade and facilitate investment by eliminating non-tariff trade barriers,” the statement added.

Islamabad and Tashkent have taken steps to bolster bilateral trade this year including signing a $1 billion trade agreement in February to encourage the exchange of goods and services between the two countries. The agreement was followed by the arrival in Pakistan of a convoy of trucks carrying liquefied petroleum gas (LPG) from Uzbekistan via Afghanistan in June.

Pakistan’s army chief General Syed Asim Munir also visited Uzbekistan this week in what was widely believed to be a trip to generate appetite for foreign investments, and enhance military-to-military cooperation and defense collaboration.