Uzbekistan and Türkiye aim to elevate trade figures to $5bn, a leap from the already substantial $3bn recorded in 2023, the Ministry of Economy and Finance of Uzbekistan reported on May 1.
In a recent meeting between the Vice President of the Republic of Türkiye, Cevdet Yilmaz, and the Deputy Prime Minister of the Republic of Uzbekistan - also serving as the Minister of Economy and Finance, Jamshid Kuchkarov - plans were outlined to bolster the economic ties between the two nations.
The discussions at the Ministry of Economy and Finance, where Vice President Cevdet Yilmaz conveyed his appreciation for the warm reception and underscored the necessity of maintaining robust bilateral relations. Both sides commended the outcomes of the 7th meeting of the Intergovernmental Commission held in December 2023, stressing the pivotal role of implementing the agreements sealed during that session.
Central to the talks were the potential collaborations in six priority sectors: leather shoes, furniture, glass, pharmaceuticals, jewelry, and construction materials. The gathering highlighted the burgeoning direct investments, which have already surged to $1.5bn. Additionally, the presence of over 1,900 Turkish companies operating successfully in Uzbekistan underscores the strengthening economic interdependence.
Both nations are prioritizing the enhancement of the financial investment climate, with a keen focus on areas like the agro-industrial complex, water resources management, energy projects, as well as privatization and public-private partnership (PPP) initiatives. The strides made in legislation by both parties were lauded for fostering conducive business environments, propelling forward business collaborations and interests.
Türkiye and Uzbekistan have enjoyed diplomatic relations since Uzbekistan gained independence in 1991. Over the years, these ties have evolved into a multifaceted partnership spanning political, economic, cultural, and educational domains. At the political level, leaders from both nations have engaged in high-level visits, fostering dialogue and cooperation on regional issues. Economically, there has been a steady increase in trade and investment, with agreements signed to bolster collaboration in sectors such as energy, agriculture, and construction.
Cultural and educational exchanges have also flourished, promoting mutual understanding and appreciation of each other's heritage. Furthermore, Türkiye has shown interest in participating in Uzbekistan's infrastructure development, particularly in transportation projects. While military cooperation is not as extensive, discussions on security matters have taken place, reflecting shared interests in regional stability. Both countries recognize the potential for tourism growth and have worked to promote travel between them, highlighting their rich historical and cultural attractions. Despite occasional fluctuations, Türkiye and Uzbekistan continue to nurture their relationship and explore opportunities for deeper cooperation in various fields.
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