On January 23, during the official visit of President Shavkat Mirziyoyev to China approximately 500 projects worth $56.7bn were agreed upon. The visit was attended by a large delegation, including complex and branch managers, ministers, regional governors, and representatives of large companies.
Expanding economic partnership
The agreements from the visit signify the strong economic partnership between the two countries. In 2023, bilateral trade reached $14bn, both leaders are optimistic about the potential to increase this figure to $20bn.
Investments from China in Uzbekistan’s economy have increased fivefold in recent years. Chinese companies see significant potential in the renewables sector. Agreements have been made for the construction of renewable energy facilities with a total capacity of 6GW.
Earlier, Daryo reported that President Mirziyoyev highlighted the strong trade, economic, and investment collaboration between Uzbekistan and China. This partnership has seen a significant 40% increase in bilateral trade, with China emerging as a key trading partner. Chinese investments have notably increased fivefold, especially in high-tech and renewable energy sectors. Uzbekistan has set an ambitious target of reaching 27GW of renewable energy by 2030, focusing on the Syrdarya region for initiating projects.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)