Kazakh minister reiterates commitment to foster economic ties with Pakistan

LAHORE: Kazakhstan Vice Minister of Business and Infrastructure Improvement MaratKarabayev has expressed the hope that the historic relations between Kazakhstan and Pakistan will now mirror within the enlargement of bilateral commerce and industrial ties with enhanced frequent interplay between the enterprise communities of the 2 international locations.

Addressing a zoom assembly with All Pakistan Textile Mills Affiliation (Aptma) chairman Abdul Rahim Nasir, he reiterated the dedication of fostering commerce and financial relations, saying that there was super scope for uplifting of financial cooperation between each international locations.

MaratKarabayev defined intimately the incentives and advantages being prolonged by the federal government of Kazakhstan to overseas traders and the exemption from taxes for organising of industries within the Particular Financial Zones.

The Kazakh minister stated a budget recycled textile fibres and cheap electrical energy at three cents/kW provide bonanza to the overseas traders.

He additionally mentioned the necessity for better people-to-people contact and potential for financial cooperation. Numerous methods and means to strengthen the centuries previous relations between the 2 nations by exploring all obtainable avenues additionally got here below dialogue.

The Kazakh minister stated the entire area is able to profit from peace and stability in Afghanistan and confused the necessity to multiply the present bilateral commerce quantity of $45 million with Pakistan by all means.

He invited a enterprise delegation from Pakistan to Kazakhstan and supplied to ship an analogous enterprise delegation to Pakistan for adopting sensible measures for increasing financial and commerce ties.

Abdul Rahim Nasir highlighted the strengths and potential of textile business of Pakistan and stated that the textile sector is on an upward trajectory with lofty export targets of $21 billion for the present yr as in opposition to the precise export of $15 billion over the last yr.

He additionally highlighted the brand new funding of $5 billion within the textile sector, addition of 100 new crops and creation of 500,000 jobs.

Nasir identified in the direction of the problems comparable to logistics, acquiring and utilizing letters of credit score (LCs) in commerce with Kazakhstan, language boundaries in labeling the products in Kazakh or Russian languages, difficulties in land route because of safety state of affairs in Afghanistan and delay in signing of preferential commerce settlement, that are adversely affecting the bilateral commerce.

With a view to foster financial relations between Pakistan and Kazakhstan, the Aptma chairman proposed to signal a memorandum of understanding (MoU) between the Kazakhstan authorities and Aptma, which might positively contribute to pave the way in which for consolidation of financial ties.

Equally, he stated, frequent alternate of commerce delegations, mutual capacity-building in textile sectors, institution of joint ventures, early signing of FTA, strengthening of banking channels and utilisation of OIC, ECO and Shanghai Commerce Cooperation platforms will assist enhance the commerce statistics.

He confused the necessity to strengthen banking channels between the 2 international locations, an early signing of PTA, utilisation of OIC, ECO and SCO platforms for enlargement of bilateral commerce, joint funding within the textile business and institution of joint ventures, frequent alternate of commerce delegations, synergies in bilateral commerce enlargement, mutual capacity-building in textile sectors, and bilateral alternate of enterprise delegations to determine commerce and funding choices as a means ahead to solidify commerce and funding relations between the 2 international locations.

He expressed the hope that the enterprise neighborhood of each international locations would profit from TIR to chop cargo prices considerably.

Aptma Northern Zone chairman Hamid Zaman appreciated the Kazakhstan authorities for providing varied choices for reinforcing bilateral commerce and funding and expressed the hope that frequent alternate of enterprise delegations would undoubtedly end in upsurging bilateral commerce.

Aptma senior vice chairman Kamran Arshad, secretary normal Mohammad Raza Baqir and main members from the Southern and Northern zones attended the first-ever zoom assembly between Aptma and the federal government of Kazakhstan.

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