Significant steps towards expanding relations between Kazakhstan and Uzbekistan were made within the framework of the III Tashkent International Investment Forum on May 2-3, the Ministry of Foreign Affairs of Kazakhstan reported.
Deputy Minister of Foreign Affairs of Kazakhstan Nazira Nurbayeva spoke at the event, saying that last year, the trade turnover between Kazakhstan and Uzbekistan reached more than 4 billion US dollars. Measures are being taken to increase the volume of mutual trade to $10 billion.
In recent years, significant progress has been made in the field of industrial cooperation, which is the driver of cooperation between the countries. Currently, work is underway on 60 projects totaling 2.6 billion US dollars, of which 55 projects are in Kazakhstan and 5 projects in Uzbekistan.
“We have huge opportunities for further development and expansion of cooperation in many priority sectors. Therefore, we propose to work together on projects in energy, industry, transport, agriculture, water use and ecology, and education,” Nurbayeva said.
The Deputy Minister also noted the great potential for expanding regional cooperation. In this regard, the most crucial step is the implementation of the project of International Center for Industrial Cooperation “Central Asia,” which will become an example of practical industrial cooperation and a key platform for developing Central Asian economic corridor “North-South.”
The forum also hosted the launch of the International Islamic Trade Finance Corporation’s “Trade Connect Central Asia+” (TCCA+) project. The project aims to achieve inclusive economic growth and regional economic cooperation and develop trade between Central Asia, Azerbaijan, and other countries.
The TCCA+ program will help improve production, facilitate regional trade by reducing the time and cost of crossing borders, increase regional business interaction, and enhance regional competitiveness by reforming trade policies and improving the efficiency of trade support institutions between member countries.
