The active involvement of the respective chambers of commerce, the establishment of a Joint Pakistan-Kazakhstan Chamber of Commerce, and the integrated role of trade attachés are crucial. Regularly hosting expos and festivals for each country, as well as finalising a Preferential Trade Agreement (PTA) or Free Trade Agreement (FTA), will strengthen ties. Additionally, the digitalisation effortsconsidering that Kazakhstan is the leading advocate for AI and IT in Central Asia — along with the development of reciprocal software and trade houses, as well as the production of petrochemicals, would create mutually beneficial opportunities for both parties.
These recent Memorandums of Understanding (MoUs) offer a strong platform for Pakistani businessmen and investors, enhancing trans-regional connectivity, fostering socio-economic integration, promoting qualitative industrialisation, and extending access to the Eurasian Middle Corridor and beyond.
Evidently these MoUs would foster cooperation and investments in joint ventures and investments in preferential areas.
Formation of “joint investment company” and “investment bank” may be a workable idea which must be materialised in the days to come. Railway link and logistics between Kazakhstan, Turkmenistan, and Iran could be extended to Pakistan to promote bilateral trade and enhance people-to-people contacts.
Expert in regional economy, Dr Mehmoodul Hassan Khan said the role of Pakistan’s National Logistics Corporation (NLC), Trade Development Authority (TDAP), Special Investment Facilitation council (SIFC) will be important for early finalisation and implementation of these projects.