ISLAMABAD: Pakistan and Uzbekistan Commodity Exchange leaders have agreed to adopt a joint future plan of action, regarding new capital market challenges through cooperation. Pakistan and Uzbekistan have a lot of potential in commodity exchange which includes major sectors in the country’s Gross Domestic Products (GDP), including agriculture and textiles, oil and food sector, sugar, grain and energy sector.
The decision was made during a meeting between representatives from the Pakistan Mercantile Exchange (PMEX) and the Uzbekistan Commodity Exchange (UCEX) at the Tashkent International Investment Forum. The Pakistani delegation, led by Habib Mamsa, Manager of Business Development at PMEX, was warmly welcomed by Nabikhon Samatov, the Deputy Chairman of UCEX.
During the interaction, the leaders emphasized the importance of collaboration and joint planning to tackle future market challenges effectively. They recognized the immense potential in the commodity exchange sectors of both countries, which encompass vital segments such as agriculture, textiles, food, oil, grain, sugar, and energy.
Nabikhon Samatov provided insights into the operations of UCEX, highlighting its extensive client base and significant transaction volume, which amounts to $14 billion annually. He underscored the importance of leveraging mutual experiences and expertise between PMEX and UCEX, especially as Uzbekistan continues to develop its market economy.
Habib Mamsa emphasized the compatibility between the capital markets of Pakistan and Uzbekistan, stressing the need for bilateral coordination and a common strategic approach. He expressed optimism about the potential for collaboration in areas such as spot markets, future markets, market innovation, and meta-trading.
The leaders from both sides agreed to continue the dialogue process and explore avenues for cooperation, including online Zoom meetings and face-to-face discussions. They emphasized the importance of ongoing bilateral dialogue to promote mutual cooperation and enhance the effectiveness of joint action plans.
On the occasion, senior managers from PMEX and UCEX, including Irfan Kasana and Hikmatullah, highlighted various aspects of the stock markets in their respective countries and identified potential areas for cooperation. They emphasized the need for a shared strategy to promote capital market development on both sides.
