Uzbekistan and Russia develop trade, economic, and investment cooperation

A delegation of the government and business community led by the Governor of the Voronezh region of the Russian Federation Aleksandr Gusev visited the city of Bukhara. The Hokim of the region Botir Zaripov welcomed the guests.

As noted, today, relations between the Republic of Uzbekistan and the Russian Federation are rapidly developing in all areas based on the Friendship, Cooperation and Partnership Agreement and a joint Declaration on the Establishment of a Strategic Partnership.

Over the past five years, significant results have been achieved in trade and economic cooperation between Bukhara region and Russia’s constituent entities. Russia is among the top three countries with high foreign trade turnover with Bukhara region. Last year, mutual foreign trade turnover between the Bukhara region and Russia amounted to $452.0 million. The volume of exports reached $82.0 million and imports $370.0 million, an increase of 140% compared to the same period in 2022.

This figure amounted to $322.0 million over the 10 months this year. Exports to Russia reached $73 million and increased by 110% compared to the same period last year, and the volume of imports increased by $249.0 million.

At the meeting, issues discussed during the visit of Bukhara regional delegation to Voronezh region and measures to move to the practical stage of implementing the agreements were considered.

The Governor of Voronezh region expressed gratitude for the warm welcome and hospitality and stressed that accelerating the implementation of cooperation projects in the areas outlined during the visit of the region’s delegation to Voronezh would benefit both parties.

The parties expressed their readiness to support initiatives to develop trade, economic, investment, financial, technical, transport, logistics, cultural, humanitarian, educational, and sports ties.

Based on this, a roadmap developed between the two regions was signed at the meeting.

During the visit, the guests were introduced to the activities of large manufacturing enterprises in Bukhara. Agreements were reached on the implementation of joint projects in the future.

In addition, the delegation visited the sights of ancient and eternally young Bukhara.