Uzbekistan and Russia have enjoyed robust trade ties, with trade nearing $10 bn by the end of 2023. Plans to double this figure by 2030 was disclosed by presidential press service on May 10.
President Shavkat Mirziyoyev of Uzbekistan received a comprehensive report detailing the status of agreements made on investment cooperation with foreign partners and outlined future plans in this regard.
The report highlighted significant cooperation projects and investment programs being undertaken with countries such as Russia, China, Qatar, Saudi Arabia, and others. Of particular note was the successful participation in the "Innoprom. Central Asia" international industrial exhibition held from April 22 to 24. This event served as a testament to the fruitful trade and economic collaboration with the Russian Federation, with trade between the two countries reaching nearly $10 bn by the end of 2023. Plans are underway to double this figure by 2030. Currently, over 3,000 joint ventures are operating successfully in Uzbekistan, with more than 700 new enterprises established in 2023 alone.
Russian investments in Uzbekistan amounted to about $3 bn last year, with expectations to reach $5 bn this year. Furthermore, within the framework of "Innoprom," a package of deals worth $4 bn was signed, showcasing the depth of economic engagement between Uzbekistan and its partners.
Another significant event discussed in the report was the Tashkent International Investment Forum held on May 2-3, which saw the participation of 2,500 guests from 93 countries worldwide. The forum resulted in the signing of investment deals and export contracts totaling $26.6 bn.
These agreements encompassed major projects spanning construction, green energy, mining, infrastructure, food, textile, and healthcare sectors. Following the forum, a detailed "road map" was developed to guide the implementation of investment and trade agreements signed with foreign partners. This document delineates all stages, deadlines, and responsibilities involved, ensuring clarity and accountability in project execution. Additionally, a separate "road map" was formulated to address proposals and initiatives put forward by foreign investors during the forum and subsequent meetings of the Council of Foreign Investors under the President.
In response to the report, President Mirziyoyev underscored the importance of strict oversight to ensure the timely and comprehensive implementation of all items outlined in the "road map." He emphasized the need for continuous communication with investors, provision of favorable conditions, and systematic resolution of any issues that may arise during project execution. Officials were tasked with initiating preparations for the fourth Tashkent International Investment Forum and compiling a portfolio of promising projects across key sectors of the economy.
Earlier Daryo reported that Uzbekistan plans to attract $294mn for adapting agriculture to climate change
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