Under the leadership of President Shavkat Mirziyoyev, Uzbekistan is advancing its economic and investment partnerships with Türkiye and the Kingdom of Saudi Arabia. Recent high-level visits and strategic meetings have resulted in agreements and the establishment of numerous projects totaling over $34.2bn, aimed at enhancing mutual economic growth and cooperation.
Strengthened Ties with Türkiye
During President Mirziyoyev’s official visit to Türkiye last week, substantial progress was made in cementing bilateral relations. The third meeting of the Uzbek-Turkish Strategic Cooperation Council, alongside discussions with top business leaders from both nations, culminated in the formation of 158 new projects valued at $10.1bn. These projects span various sectors including industry, energy, mining, geology, transport, healthcare, and agriculture.
Key initiatives from the meetings include:
- Expansion of trade under the bilateral Agreement on Preferential Trade.
- Reduction of tariffs and duties on textile, leather, footwear, electrical, and handicraft products.
- Establishment of a trade mission for Uzbekistan in Istanbul.
- Development of a road map for mountainous area development based on Turkish experience.
- Introduction of an agricultural insurance system.
- Creation of an Uzbek-Turkish Seed Testing Center meeting international standards.
President Mirziyoyev has issued directives to broaden the portfolio of projects with major Turkish companies and enhance interregional cooperation.
Robust Investment Portfolio with Saudi Arabia
Investment cooperation with Saudi Arabia is also thriving, marked by the initiation of several large-scale projects. An investment portfolio comprising 34 projects with a total value of $24.1bn has been developed with Saudi partners.
For the current year, $2.5bn in investments will be utilized, including $1.5bn allocated to 13 additional projects focusing on transport, digitalization, infrastructure, healthcare, and energy.
The Uzbek-Saudi Business Council has been tasked with intensifying its activities, with an emphasis on finalizing negotiations and commencing work on new projects valued at $6.5bn in the fields of ecology, the mining industry, and financial cooperation.
President Mirziyoyev, after reviewing the detailed reports and future plans, has instructed responsible parties to ensure the comprehensive and high-quality development of foreign investments.
Emphasis has been placed on maintaining continuous dialogue with investors, creating favorable conditions for investment, and systematically addressing any challenges that arise during project implementation.
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