Uzbekistan and Russia plan to increase bilateral trade turnover threefold — up to $30 billion

Yesterday, as part of the visit of the government delegation of Uzbekistan to the Chechen Republic, Laziz Kudratov, Minister of Investment, Industry and Trade, took part in the work of the 1st Caucasian Investment Forum held in Grozny, reports Dunyo IA correspondent.

According to the Telegram channel of the Ministry of Investment, Industry and Trade (MIIT), speaking at the main plenary session "The Greater Caucasus: from Sea to Sea", Laziz Kudratov stressed the importance of developing interregional cooperation between Uzbekistan and Russia in order to achieve the task set by the heads of the two states to bring trade turnover to $30 billion.

Russia is one of the key trade and economic partners of Uzbekistan. Over the past 7 years, Uzbekistan’s trade turnover with Russia has grown 2.5 times and reached almost $10 billion by the end of 2023. The important aspect of the change is that the structure of mutual supplies is improving in quality, due primarily to products with high added value.

Creation of new joint industrial zones for deepening industrial cooperation, building up tools for joint financing, developing tourism, expanding cooperation in the field of agriculture and the cultural and humanitarian areas were identified as the priority areas for partnership development.

A major role in this work is assigned to the Council of Regions of Uzbekistan and Russia, chaired by the presidents of the two states. The critical importance of taking comprehensive measures to further enhance the capabilities of this platform for interregional cooperation in the spirit of the Uzbek-Russian comprehensive strategic partnership and alliance was emphasized.

The speaker called on representatives of the regions of Russia and Russian business to take advantage of the unique opportunities created in Uzbekistan for the successful implementation of new mutually beneficial projects and initiatives.