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Home Kazakhstan

Trade turnover between Uzbekistan and Kazakhstan to reach $10 bln in coming years

WNAM: by WNAM:
October 26, 2024
in Kazakhstan
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Trade turnover between Uzbekistan and Kazakhstan to reach $10 bln in coming years
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WNAM MONITORING: Samarkand hosted the fourth Uzbekistan – Kazakhstan Interregional Forum, which brought together members of the two countries’ governments, heads of regions, and entrepreneurs.

Prime Minister of the Republic of Uzbekistan Abdulla Aripov and Prime Minister of the Republic of Kazakhstan Olzhas Bektenov noted that thanks to the friendly and trusting relations between the heads of state and their wise foreign policy, the strategic partnership and alliance between the two countries are rapidly developing, and positive growth is observed in all areas.

Over the past seven years, mutual trade turnover has increased almost 2.5 times, reaching $4.4 billion last year. Today, more than 1,000 enterprises with Kazakhstani capital operate in Uzbekistan, and more than 3,600 enterprises with Uzbek capital operate in Kazakhstan.

The forum included a comprehensive exchange of views on increasing the volume of mutual trade to $10 billion in the coming years through the effective use of existing reserves.

The heads of government expressed their readiness to create favorable conditions for developing direct ties between the regions and businesspeople of the two countries.

The parties also highlighted the tourism sector as one of the promising areas of cooperation and emphasized the need to implement joint projects to provide tourism services and develop infrastructure.

The prime ministers confirmed their readiness to provide comprehensive support for developing mutually beneficial relations between all regions and cities of Uzbekistan and Kazakhstan.

Important proposals and initiatives regarding the further strengthening and development of interregional ties were voiced at the forum. A roadmap for implementing agreements reached at high-level meetings with the participation of heads of state was approved. Documents on strengthening cooperation between several ministries and regions were signed.

A meeting of entrepreneurs from Uzbekistan and Kazakhstan was held within the framework of the interregional forum. The delegations were represented by the Minister of Investment, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov and the Minister of Trade and Integration of the Republic of Kazakhstan Arman Shakkaliyev, heads of ministries, agencies, regional administrations, as well as heads of more than 200 large companies of the two countries.

The importance of developing partnerships at the interregional level was noted. Promising areas include agriculture and the agro-industrial sector, the production of textiles and consumer goods, and the exchange of experience and technology. There are great opportunities for entrepreneurs in connection with establishing the International Center for Industrial Cooperation “Central Asia” in Syrdarya region.

B2B meetings and a signing ceremony of 33 agreements on establishing cooperation between the regions of Uzbekistan and Kazakhstan took place, which will improve direct interaction, implement joint projects, and increase mutual supplies of finished products.

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