At the Kazakhstan-Uzbekistan business forum in Astana on August 7, the two countries agreed on joint implementation of 34 investment projects worth $4.4 billion and signed trade contracts worth $2.6 billion.
As reported by the Kazakh government’s press service, the joint projects will be implemented in energy, mining and geology, transport, chemical industry, construction, electrical engineering, mechanical engineering, and pharmaceuticals.
But the largest number of projects will be in agriculture. The parties agreed on joint cultivation of agricultural crops and deep processing of grain and rice in Kazakhstan, joint production of silk products in Kazakhstan’s Turkestan region, and the creation of an enterprise for the production of packaging materials. A joint venture for the processing of cattle skins will be established in the Mangistau region of Kazakhstan.
Opening the Kazakhstan-Uzbekistan business forum, Deputy Prime Minister of Kazakhstan Serik Zhumangarin announced both countries’ intention to increase bilateral trade to $10 billion a year. “Uzbekistan is one of Kazakhstan’s largest trading partners, ranking 7th in 2023. Trade with Uzbekistan accounts for more than 57% of Kazakhstan’s total trade with Central Asian countries. Over the past 5 years, bilateral trade has grown by 29%, reaching $5 billion in 2022. We need systemic solutions to trade issues and a search for new growth points in trade to achieve the goal set by the heads of our states — to reach an annual trade of $10 billion in the medium term,” Zhumangarin said.
At the forum, Deputy Prime Minister of Uzbekistan Jamshid Khodjaev noted that such events serve as a powerful impetus for strengthening bilateral cooperation. Emphasizing that Kazakhstan is one of Uzbekistan’s main economic partners, Khodjaev said, “The world community views our region through the prism of a single market. We should combine our efforts to effectively attract major global brands.”
The business forum took place on the eve of Uzbek President Shavkat Mirziyoyev’s state visit to Kazakhstan from August 7-9. The visit focuses on expanding Kazakh-Uzbek cooperation in trade, industries, transport and logistics, energy, agriculture, and water management.
