Uzbekistan plans to launch 41 additional Central Asia Regional Economic Cooperation (CAREC) projects over the next five years, valued at $12.6bn, as it continues to strengthen its role in regional economic cooperation.
On November 8, 2024, a delegation from Uzbekistan, led by Deputy Minister Khurram Teshabayev, attended the 23rd Ministerial Conference of the CAREC Program in Astana, Kazakhstan. The conference provided a platform for discussing critical issues related to climate change, regional energy security, and digitalization.
The conference addressed several key topics, including the "CAREC Climate Change Action Plan," the "CAREC 2030 Midterm Review," and discussions on "Decarbonization and Regional Energy Security," "Innovative Climate Solutions and AI’s Role," and "Development of CAREC Corridor 2." The "CAREC Institute Activation Plan" was also presented as a step towards enhancing regional collaboration.
Reports were delivered by senior officials from CAREC member countries, the Asian Development Bank (ADB), the World Bank, the Asian Infrastructure Investment Bank (AIIB), the European Bank for Reconstruction and Development (EBRD), and other international partners. The focus was on advancing the region's infrastructure and addressing climate and economic challenges.
Over the past two decades, Uzbekistan has actively participated in CAREC projects, contributing $19bn to regional development. Looking ahead, the country’s 41 planned projects will further enhance its commitment to energy development, green initiatives, and regional connectivity.
During the plenary sessions, delegates from Kazakhstan, Kyrgyzstan, Tajikistan, and Azerbaijan praised Uzbekistan for its socio-economic reforms. They highlighted Uzbekistan’s positive contributions to energy, innovation, digitalization, and climate change efforts, underscoring the country’s growing role in strengthening regional cooperation.
Flagship CAREC projects proposed for 2025-2026 include energy development, digitalization, barrier-free e-commerce, and a green development agenda. Among the most notable initiatives are the "China-Kyrgyzstan-Uzbekistan" railway and a concept for the CAREC Climate and Sustainable Development Preparation Fund.
The conference also saw the signing of several important agreements, including:
- The "Climate and Sustainable Development Project Preparation Fund Agreement" between the ADB and the Ministry of Finance of the PRC.
- The "Climate and Sustainable Development Project Preparation Fund Agreement" between the ADB and the Ministry of Economy and Finance of the Republic of Korea.
- A "Partnership Memorandum" between the ADB and the Governments of Azerbaijan, Kazakhstan, and Uzbekistan on the Caspian Sea Green Energy Corridor Project.
- The "Memorandum of Understanding" between the Ministry of Investment, Industry, and Trade of Uzbekistan and the ADB.
Under the memorandum with the ADB, a $225,000 grant will support Uzbekistan’s accession to the World Trade Organization (WTO). Furthermore, the ADB expressed its commitment to fast-tracking the transport corridors resilience and modernization project, with a focus on railway modernization and electrification initiatives in Uzbekistan.
The conference concluded with a Joint Ministerial Statement and the decision to elect Kyrgyzstan as the Chair of the CAREC program for 2025, marking another step toward regional collaboration in Central Asia.
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