Uzbekistan and Russia aim to attract $10 bn in investments next year, as disclosed during the inaugural session of the Uzbekistan-Russia Council of Regions held on May 27 in Tashkent.
Established 6 years ago as a joint forum of interregional cooperation, the council has evolved into a pivotal platform for advancing collaboration across various sectors. Recognizing the rapid pace of interregional cooperation and the immense potential for further growth, it was decided to elevate the status of the forum to a council of regions of Uzbekistan and Russia, chaired directly by the Presidents.
Currently, over 200 joint projects valued at $4 bn are underway at the regional level, with an additional $5 bn in new contracts prepared during the council meeting. Ambitious goals have been set to increase the volume of trade to $30 bn in the coming years and absorb $10 bn in investments next year. Priority areas of cooperation include the expansion of mutual trade and cooperation projects, with regions actively engaged in this process.
#Uzbekistan and #Russia set new $30bn #trade #volume target #Agreements were reached to modernize Uzbekistan's #gas #transportation system, increase the volume of #gas, #oil, and #petroleum product supplies, and implement #hydrocarbon processing projects
— Daryo | Central Asia & Afghanistan (@DaryoEng) May 27, 2024
👉Details —… pic.twitter.com/4pBb16misu
Investment and Technological Collaboration
The pace of investment and technology cooperation was lauded, with over 3000 Russian companies operating successfully in Uzbekistan. Collaborative projects span various sectors, including energy, chemical and petrochemical, mechanical engineering, agriculture, logistics, textiles, and food industry. Notable initiatives include the expansion of industrial zones and the establishment of new joint projects.
Cultural and Humanitarian Exchanges
The importance of expanding cultural and humanitarian exchanges was emphasized, with agreements reached on the establishment of educational branches and a three-year cultural cooperation program.
In turn, President Putin praised the positive trends in bilateral relations and urged increased participation from the business community in joint projects. The meeting concluded with the announcement of several new large investment projects and the signing of interregional cooperation agreements.
#Uzbekistan and #Russia seal #agreements worth $20bn in new projects
— Daryo | Central Asia & Afghanistan (@DaryoEng) May 27, 2024
These agreements reflect the comprehensive #nature of the #partnership between Uzbekistan and Russia, spanning #economic, #cultural, #educational, #healthcare, and #technological domains.
👉Details —… pic.twitter.com/Dh9AFgZkus
Earlier Daryo reported that Russia intends to build as many as six small-scale nuclear reactors in Uzbekistan, employing the 55-megawatt RITM-200N model. These reactors will come together to create a power generation complex in Jizzakh, located in central-eastern Uzbekistan, with a combined capacity of up to 330 megawatts. If executed promptly, this endeavor could mark the inception of Central Asia's inaugural nuclear power installation.
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