Astana hosted the Kazakhstan-Uzbekistan business forum, culminating in the signing of agreements valued at $43.5mn on August 7. The event attracted over 400 representatives from business circles and government agencies of both countries, showcasing the robust partnership between Kazakhstan and Uzbekistan.
The forum, organized by the Ministry of Trade and Integration of Kazakhstan and the Center for Trade Policy Development (QazTrade), featured a series of bilateral B2B meetings. These sessions facilitated discussions between Kazakh and Uzbek entrepreneurs on potential collaborations in the agro-industrial complex, trade, light and food industries, construction, and other sectors.
A highlight of the forum was the signing of a memorandum of cooperation in the elevator industry. Yerzhan Igibayev, President of the National Association of Elevator Specialists of Kazakhstan, emphasized the importance of this agreement:
"As part of the forum, we signed a memorandum of cooperation, which includes the creation of a joint Kazakh-Uzbek enterprise for the production of elevators. We also agreed to establish a dispatch center for diagnosing the elevator fleet of Kazakhstan and developing unified standards and technical regulations to improve the quality of services in the elevator industry."
"We are pleased to share our experience with our Kazakh partners in organizing the production of elevators and dispatching systems according to European standards. In the near future, we will determine the volumes and areas for the start of production. Industrial cooperation in our region has great potential due to mutual dependence in logistics and the supply of components. Today, we signed two agreements: one on the implementation of an automated gas metering system, the other on the production of elevators in Kazakhstan," Akhadov Sarvar, General Director of Technopark, also expressed his enthusiasm.
Additionally, Kazakhstani tea factory Unitea signed a memorandum with Uzbekistan's largest retail chain Korzinka, agreeing to supply 20-30 tons of tea per month. Unitea has a solid track record in foreign markets, including Russia, China, and Kyrgyzstan.
At the end of 2023, trade turnover between Kazakhstan and Uzbekistan reached $4.4bn. Uzbekistan remains one of Kazakhstan's largest trading partners, ranking 7th at the end of 2023 and accounting for more than 57% of Kazakhstan's trade turnover with Central Asia.
Earlier, Deputy Prime Ministers Serik Zhumangarin and Zhamshid Khodjayev revealed plans to carry out investment projects and trade contracts totaling $7bn during the Kazakhstan-Uzbekistan business forum.
This initiative encompasses the collaborative execution of 34 investment projects worth $4.4bn and 7 trade contracts valued at $2.6bn, all formalized through a series of official agreements.
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