Kazakhstan and Uzbekistan Agree on $7 Billion in Investment Projects and Trade Contracts
Deputy Prime Ministers of Kazakhstan and Uzbekistan Serik Zhumangarin and Jamshid Khodjaev agreed to implement 34 investment projects worth $4.4 billion and seven trade contracts worth $2.6 billion during the bilateral talks held on the sidelines of the Kazakh-Uzbek business forum on Aug. 7.
According to the Prime Minister’s press service, the investment projects between the countries will focus on sectors such as energy, mining, geology, transport, chemical industry, construction, electrical engineering, mechanical engineering, and pharmaceuticals. Agriculture will see the most activity, including joint agricultural projects, deep processing of grain and rice in Kazakhstan, and silk production in the Turkistan Region.
During the event, business leaders signed agreements totaling $43.5 million, attended by over 400 participants.
Zhumangarin noted that Uzbekistan is a key commercial partner for Kazakhstan, ranking seventh in 2023 and accounting for over 57% of Kazakhstan’s trade turnover with Central Asia.
“Bilateral trade has increased by 29% during the last five years, reaching $5 billion in 2022. We need structural solutions to trade challenges and the search for new growth areas in trade turnover to accomplish the target set by the both Presidents – to reach the $10 billion mark in the medium term,” he said.
“Eleven joint projects worth $144 million have been completed, and three joint projects worth $181 million are now being implemented,” said Kuantyrov.(Source:astanatimes)
In 2023, trade turnover between the countries reached US$4.4 billion.
