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Uzbekistan and Turkey intend to increase trade turnover to $5bn in the coming years, the director of the Center for Economic Research and Reforms (CEIR) Obid Khakimov informed.

He added that from 2016 to 2021, the trade between Uzbekistan and Turkey increased by 2.9 times, exports - by 2.5 times, and imports - by 3.5 times.

In 2021, Turkey delivered $1.6bn of goods (56.2%) to Uzbekistan and delivered $1.69bn (65.9%) in products from the Central Asian Republic.

‘Turkey became Uzbekistan’s fourth foreign trade partner. Trade stands out for a balance - Turkish exports to Uzbekistan are almost equal to imports’, Obid Khakimov stressed.

In January-October 2022, the volume of mutual trade reached nearly $2.7bn and declined by 0.7% compared to the same period in 2021. Exports amounted to about $1.3bn (-5.5%) and imports to $1.4bn (+4.1%).

‘Over the past three years, Turkish investment in Uzbekistan has doubled. In 2021, Turkey became one of the three largest countries investing in Uzbekistan. Last year, she invested a total of $1.2bn’, the expert said.

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