Pakistan, Kazakhstan aim to boost trade to $1bn

Prime Minister Shehbaz Sharif on Wednesday pledged to raise bilateral trade between Pakistan and Kazakhstan to $1 billion within the next year, highlighting the untapped economic potential of both countries.

The announcement was made during a joint press conference with Kassym-Jomart Tokayev, who is on a two-day official visit to Pakistan, News.Az reports, citing Pakistani media.

A signing ceremony was held alongside the press conference, during which the two sides signed 27 agreements and Memorandums of Understanding (MoUs) covering a range of sectors, including petroleum, mining, and maritime affairs.

At the start of his remarks, Prime Minister Shehbaz welcomed the Kazakh delegation, noting that it was the first visit by a Kazakh president to Pakistan in 23 years. He said the two leaders had held “very useful and productive meetings” since the morning and added that a total of 37 MoUs had been signed.

Expressing optimism, the prime minister said he hoped President Tokayev would ensure that the MoUs are converted into formal agreements and implemented as quickly as possible. He also pledged “speedy” implementation from Pakistan’s side.

“If we are to make these MoUs a reality, our economic, trade and cultural relations will go notches higher,” the prime minister said.

He praised President Tokayev as a “very serious-minded politician” and “an accomplished diplomat,” and congratulated him on receiving the Nishan-i-Pakistan. The honour, he said, reflected Pakistan’s “deep appreciation of your visionary leadership and your outstanding contribution towards strengthening the close and friendly ties between our two brotherly countries.”

At the same time, Prime Minister Shehbaz noted that bilateral trade stood at just $250 million last year, calling the figure modest given the strength of ties and the potential of both economies.

“Let us make the commitment that we will take up our trade volume to $1 billion in the next year,” he said.

He also urged the business communities of both countries to pursue joint ventures, stressing that current investment levels remain negligible despite significant opportunities on both sides.

News.Az 

By Nijat Babayev