Prospects for economic cooperation with Russia and Azerbaijan discussed

On March 9, President of the Republic of Uzbekistan Shavkat Mirziyoyev held a meeting to discuss prospects for development of bilateral investment, trade and economic cooperation with the Russian Federation and the Republic of Azerbaijan.

It was noted that in recent years, indicators of trade turnover and investment with these countries have been steadily growing. In 2019, trade turnover with Russia increased by 17 percent compared to the previous year and amounted to 6.6 billion USD, and trade turnover with Azerbaijan increased by 55.7 percent.

Investment cooperation is being strengthened. Last year, 484 new enterprises with participation of Russian capital were created in Uzbekistan. Their total number reached 1828. Currently, there are 178 enterprises with Azerbaijan’s capital in Uzbekistan.

At the meeting, special attention was paid to the timely and qualitative implementation of existing projects and development of new proposals for deepening bilateral cooperation with these countries in investment, trade, transport and logistics sectors.

Issues related to upcoming bilateral events with the Russian Federation were discussed. It is planned to implement projects for 7.3 billion dollars together with Russian partners, which will serve to create 3.5 thousand jobs.

It was noted that within the framework of establishing industrial cooperation with Azerbaijani partners, projects worth more than 355 million USD are being worked out. In particular, it is planned to organize the assembly of cars and buses. Mutually beneficial cooperation in the oil and gas sector is developing.

The need for filling the substantive part of these measures was emphasized, priority tasks for the effective organization of work were identified.

This month, a number of bilateral events are planned to be held with Russia and Azerbaijan. In particular, a meeting of the Joint Intergovernmental Commission on Cooperation between the Republic of Uzbekistan and the Republic of Azerbaijan will be held on March 16-17, and a similar event with the Russian Federation will be held in the third decade of March.

President Shavkat Mirziyoyev gave instructions to intensify trade and investment cooperation with leading Russian and Azerbaijani companies and organizations, to develop new areas of cooperation with them.

Agriculture and forestry, industry, including agro-industrial complex, transport and logistics, education and innovation were defined as the new priority areas of cooperation with Russia.

Instructions were given to additionally work out new projects in the agricultural industry, viticulture and winemaking, jewelry industry, oil and gas, transport and logistics, as well as education with Azerbaijan.

Reports of the heads of involved ministries and agencies were heard on the issues discussed at the meeting, further measures for the effective implementation of specific tasks were identified.