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    Central Asia

    Kazakhstan receives $30mn in investments from Uzbekistan

    Kazakhstan receives $30mn in investments from Uzbekistan

    Uzbekistan's investors are increasing their investment in Kazakhstan's economy, with a new household appliance enterprise in Karaganda. Both countries aim to improve their production capacity, including in light industry projects. 

    Kazakhstan and Uzbekistan have a strong and longstanding friendship, with both countries actively developing their economic cooperation.

    Leading enterprises from both countries are working closely together on 12 different projects, including constructing the Karaganda plant for household appliance production.

    The factory's capacity will be enough to replace imports, and two launched projects in the textile industry are already launched.

    Saruar Akhatov, the company's director, announced plans to open a trading house in Kazakhstan to expand reach and better represent products. The company currently exports over $20mn and has seen a significant increase in demand.

    Kazakh entrepreneurs are also expanding their businesses in Uzbekistan, with last year's mutual trade reaching $5bn.

    Kazakhstan's grain, flour, rice, and meat exports are in high demand, and cars produced in Kazakhstan are also popular on Uzbekistan's roads.

    Recently, Kazakhstan exported the Sergek video surveillance system to help regulate traffic in Namangan.

    Ardak Zebeshov, Chairman of the Investment Committee at the Ministry of Foreign Affairs of Kazakhstan, announced that almost $2mn was invested in the country during the first quarter.

    Over the years, Kazakhstan has received $30mn in investments from Uzbekistan. The trade turnover between the two countries reached $2.2bn in the first six months of the year, and many promising projects are underway. 

    Customs routes will be modernized to unload checkpoints. Kazakhstan's foreign minister visited Uzbekistan to discuss cross-border rivers and increased investment. The two countries aim to strengthen strategic partnerships and expand business contacts.

    Follow Daryo's official Instagram and Threads pages to keep up to date on world news.

    20.08.2023, 09:52   Comments (0)   1423
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