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Weather in Tashkent

Uzbekistan and Turkey sign documents for US$ 2 bilion.

A session of intergovernmental commission for trade-economic cooperation between Uzbekistan and Turkey was held in Tashkent.

Yıldırım Tuğrul Türkeş arrived in Uzbekistan to participate in the fourth meeting of the Inter-governmental commission on trade-economic cooperation. Deputy Prime Minister of Uzbekistan Rustam Azimov headed the delegation of Uzbekistan.

Representatives of the ministries and departments and companies of the two countries responsible for such spheres as economics, banking, finance, trade, investment, energy, agriculture, textile, food production, health care, pharmaceuticals, tourism, culture, information technology, transport and supply lines, logistics, building materials production and electrical engineering attended the event.

It was noted at the session of the intergovernmental commission that Uzbekistan and Turkey were interested in further increasing the bilateral trade and expanding the scale of trade-economic and investment cooperation. It was emphasized that the two countries had big potential for the development of cooperation in such spheres as economic partnership, finance, tourism, transport and supply lines.

At the session, special attention was given to the issues of increasing the volume and expanding the assortment of goods of the bilateral trade, the development of investment and financial-technical cooperation, tourism infrastructure modernization, the extensive processing of agricultural produce and the implementation of projects within the “Urgut” free economic zone to create hi-tech modern industrial facilities.

The visitors highly evaluated the results of Uzbekistan’s trade-economic and investment policy, conditions created in this country for the attraction of foreign investments and opportunities in free economic zones.

At the event, special attention was paid to issues of working out and implementing joint economic projects and increasing the volumes of trade. Turkish businessmen participated in discussion about the implementation of joint projects in such spheres as food, textile and leather production, electrical engineering and the production of pharmaceuticals, building materials and consumer goods.

An agreement was reached on further developing the tourism infrastructure of Uzbekistan with the attraction of Turkish companies, on building modern tourism complexes conforming to international standards in Uzbekistan’s historical cities.

As a result of the session of the intergovernmental commission, a joint protocol and other documents were signed.

Uzbekistan and Turkey signed agreements on the implementation of projects worth over US$2 billion following the meeting of the intergovernmental commission.

Rustam Azimov noted that the documents envisage the implementation of about 30 projects in the textile, electrical, pharmaceutical, construction and banking sectors.

Tugrul Turkesh noted that the agreements reached will bring the mutual trade turnover in 2017 to US$1.4 billion against US$1.2 billion in 2016.

On the same day, an investment forum and a cooperative exchange took place between business circles of Uzbekistan and Turkey. In the course of these, there was discussion of issues of more broadly using the economic and investment potential and existing possibilities of the two countries.

The law-based foundation for the two countries’ cooperation is increasingly strengthening. These countries have great potential for developing trade and economic relations. Today there are 441 Turkish firms and companies working in Uzbekistan. In the year 2016, the two countries’ bilateral trade amounted to US$1.2 billion.