Mutual trade between Kazakhstan and Uzbekistan exceeded $4 billion

For 10 months of this year, mutual trade between Kazakhstan and Uzbekistan amounted to $4 billion, an increase of almost 35%. This was announced by Deputy Prime Minister - Minister of Trade and Integration of the Republic of Kazakhstan Serik Zhumangarin, speaking today in Tashkent within the framework of the 4th Interregional Uzbek-Kazakh Business Forum.

The Forum opened with a plenary session attended by Deputy Prime Minister - Minister of Trade and Integration of the Republic of Kazakhstan Serik Zhumangarin and Deputy Prime Minister – Minister of Investment and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjayev. The business forum was held as part of the state visit of President Kassym-Jomart Tokayev to Tashkent.

«Uzbekistan is a key and long–term partner for us in Central Asia. The locomotive of our friendly relations has become the developing trade between the countries. Kazakhstan attaches great importance to the development of cooperation on the Central Asian track. The forum is another proof of the importance of the development of regional cooperation and the formation of Central Asian brands on the world market», — Serik Zhumangarin said.

In turn, Zhamshid Khodjayev expressed confidence that the unification of efforts in the creation of high-tech industries based on comparative advantages, in the development of industrial cooperation for the production of products with high added value for the purpose of further joint development of international markets is of particular importance.

«We have a huge potential for a multiple increase in joint mutually beneficial projects. To do this, we already have everything we need – production, technological, human and natural resources. I am sure that with coordinated, diligent joint work we will be able to bring the Uzbek-Kazakh partnership to a qualitatively new level», — the Deputy Prime Minister of Uzbekistan added.

Currently, following the results of the state visit in December 2021 of the President of Uzbekistan Shavkat Mirziyoyev to Kazakhstan, the governments of the two countries face the task of bringing the volume of trade to $ 10 billion. A key element of the practical action plan to achieve this indicator is the project of creating an International Center for Industrial Cooperation «Central Asia». Its goal is to become the main platform of the Central Asian Economic Corridor «North—South» for the creation of a joint product intended for export to the markets of third countries.

Within the framework of industrial cooperation between Kazakhstan and Uzbekistan, more than 38 projects are planned for a total of $ 2.2 billion with the creation of about 11 thousand jobs. Of these, 10 joint projects have already been implemented, half of which are located in Kazakhstan. The rest are actively being worked on.

Speaking at the forum, Serik Zhumangarin stressed the special role of foreign investments attracted to the economies of the two countries. In the period from 2005 to the second quarter of 2022, the gross inflow of foreign direct investment from Uzbekistan to Kazakhstan amounted to $22.7 million. Investments of Kazakh investments in the economy of Uzbekistan for the same period amounted to $560 million.

«Taking into account the small size of the economy of each country individually, I believe that the Central Asian region should act as a united front in attracting international capital. To do this, Kazakhstan has already created all the necessary infrastructure, which includes the site of the Astana International Financial Center, investment preferences. We are ready to act as a gateway for investors to our region», — Serik Zhumangarin addressed the participants of the business forum.

He also noted that Kazakhstan will continue to work on the formation of a favorable investment climate, and invited Uzbek companies to participate in the implementation of joint projects.

Following the results of the business forum, Serik Zhumangarin and Jamshid Khodjayev held a bilateral meeting with the participation of heads of authorized bodies of the two countries, at which they discussed in detail issues of cooperation in various sectors of the economy.