Kazakhstan, Uzbekistan to raise mutual trade to $10bln
Kazakhstan and Uzbekistan aim to raise trade turnover to $10 billion. Deputy Prime Minister Serik Zhumangarin said it at the Kazakhstan-Uzbekistan Business Forum held in Astana on August 7, Kazinform News Agency reports citing the press service of the Kazakh Government.
“Uzbekistan is the seventh largest trade partner of Kazakhstan, as per the year 2023 results. 57% of the country’s trade turnover with Central Asia falls on Uzbekistan. In the past five years, the bilateral trade has risen to 29% having surpassed $5 billion in 2022. We need systemic solution of problems in trade and search for new growth points in achievement of the tasks set by the heads of state – to raise the bilateral trade to $10 billion in a mid-term outlook,” Serik Zhumangarin said.
In turn, Deputy Prime Minister of Uzbekistan Jamshid Khodjaev said that such an event serves as a strong impetus for strengthening the bilateral cooperation. He highlighted that Kazakhstan had been one of the major economic partners of Uzbekistan.
“The international community views our region through the prism of a single market. I urge you to join our efforts to effectively attract major global brands,” he said.
Industrial cooperation is actively developing between the two countries with 69 projects worth $3.1 billion being implemented, which allowed to create 14,700 jobs. 12 joint projects amounting to $217 million have already been successfully implemented. These include the production of household appliances, trucks and cars, and tractors. Three investment projects worth more than $178 million are under implementation now. This is an electrometallurgical plant with the capacity of 500 thousand tons of steel products in Taraz and the production of infusion solutions in Shymkent.
Besides, Uzbekistan is the main supplier of fruits and vegetables to Kazakhstan.
Over 450 representatives of national companies, business communities and government agencies of the two countries took part in the Kazakhstan-Uzbekistan business forum.
