Pak-Uzbekistan Commodity Market Leaders Agree For Joint Plan Of Action

Pak-Uzbekistan commodity market leaders agree for joint plan of action

ISLAMABAD, (UrduPoint / Pakistan Point News - 12th May, 2024) 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, food and oil sector, grain, sugar and energy sector.

Pakistan Mercantile Exchange, Manager Business Development Habib Mamsa led the delegation to participate in the Tashkent International Investment Forum and visited Uzbekistan Commodity Exchange. The delegation was welcomed by Deputy Chairman of Uzbekistan Commodity Exchange Nabikhon Samatov.

The commodity exchange leaders, during the interaction, emphasised the joint action plan and initiative of the two commodity exchanges by adopting a joint future planning and action plan to face the challenges of the future market.

Meanwhile, Deputy Chairman of Uzbekistan Commodity Exchange (USEX) Nabikhon Samatov said that Uzbekistan Commodity Exchange currently has 500,000 and 30,000 foreign clients at the national level and it has been 30 years since UCE was established.

The deputy chairman said that transactions worth $14 billion are taking place in the Uzbekistan Commodity Exchange annually and 10,000 transactions are being made daily. He said that 55 per cent private sector and 45 per cent government are doing business in UCEX.

Nabikhon Samatov said that energy, oil, cement, cotton, sugar, grain and livestock are the major sectors to invest here.

He said that Uzbekistan is currently developing in the market economy and at this time Pakistan Mercantile Exchange and Uzbekistan Commodity Exchange want to benefit from each others experiences.

Senior business leader said that the capital markets of Pakistan and Uzbekistan have a lot of compatibility and many sectors are compatible on both sides, with which both sides want to move ahead with cooperation by adopting a common plan.

He said, "in the modern capital market, we can benefit from the experiences of Pakistan for which bilateral coordination is very important". The deputy chairman said that not only the two governments but also the private sector should pave the way for mutual cooperation.

Similarly, both institutions should increase collaboration on the spot market and future market.

Deputy Chairman of Uzbekistan Commodity Exchange Nabikhon Samatov said that both sides want to work together on new trends like market innovation and meta-trading. He said that the series of mutual discussions on this agenda should continue in near future.

On this occasion, Habib Mamsa, Manager Business Development of Pakistan Mercantile Exchange, urged to set a strategy for the Spot Market and Future Market by adopting a joint plan with Pakistan Mercantile Exchange, Uzbekistan Commodity Exchange, and in this regard, the dialogue process should continue in the leadership of both sides.

Habib said that PMS is in the phase of evolution, and we currently have 60000 clients.

He said that our market has increased by 20%, the volume of which is Rs2 billion and there are enough opportunities for mutual cooperation on both sides which need to be worked on.

On this occasion, the leadership of both sides emphasized online Zoom and face-to-face discussions between the leaders of both markets for the promotion of mutual cooperation and joint action plans in the future.

On this occasion, Senior Manager Product, PMEX Irfan Kasana and Advisor to Chairman UCEX, Hikmatullah highlighted the different aspects of the stock market of the two countries and shed light on the various avenues of cooperation on both sides.

They said that bilateral dialogue should continue by adopting a common strategy for the promotion of capital markets on both sides.