Uzbekistan has recorded its highest-ever direct investment in Kazakhstan, amounting to $22.2mn by the end of 2023, marking the highest level of investment in the past 18 years.
The investment surge coincided with several joint ventures and strategic projects undertaken between Kazakhstan and Uzbekistan throughout the year. Collaborations included the establishment of a Chevrolet Onix car production facility in the Kostanay region, the inauguration of a metal rolling plant in Almaty, and the launch of manufacturing facilities for sterile medicinal forms and hygiene products in Shymkent.
Kazakhstan's business-friendly environment, robust investor protection measures, and attractive investment incentives have been pivotal in fostering these developments. Both countries have committed to further enhancing their bilateral trade volume, aiming to elevate it to $10bn while expanding their commercial interactions in the near future.
Earlier reports indicated Uzbekistan surpassing China in the number of registered companies operating in Kazakhstan, solidifying its position as the third-largest foreign investor in the country. The growing number of joint ventures, exceeding a thousand, stressing the vibrant economic partnership between the two nations.
Uzbek entrepreneurs frequently leverage Kazakhstan as a strategic hub for exporting goods to the Eurasian Economic Community, while Kazakh investors actively contribute to Uzbekistan's economic landscape, creating jobs and bolstering local expertise.
Ambassador of Kazakhstan to Uzbekistan, Beibut Atamkulov, emphasized the mutual benefits of this burgeoning cooperation, stating;
"We have over a thousand joint ventures, and this is great. Uzbek entrepreneurs who want to export their products to the Eurasian Economic Community often choose Kazakhstan as a convenient base. At the same time, Kazakh entrepreneurs are actively investing in Uzbekistan. When we start to study this in more detail, it turns out that many of these companies are created on the basis of Kazakh capital and investment, which has led to the creation of jobs and the development of local competencies. This is very important and useful for both countries, and I believe that we should continue to develop this mutually beneficial cooperation."
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