876 Kazakhstani companies operate in Uzbekistan
These figures were presented by participants of the Uzbekistan – Kazakhstan Business Forum held in Tashkent. The event brought together representatives of ministries and agencies of Uzbekistan and Kazakhstan, as well as entrepreneurs from both countries, UzA reports.
The forum was organized by the Ministry of Investments, Industry and Trade of the Republic of Uzbekistan and the Ministry of Trade and Integration of the Republic of Kazakhstan. It was attended by directors and representatives of companies such as QazTrade, Kedentransservis, iMas Group, Jain Labo, Tazau, Medial Group, Asyl Dan Trade, StalTsink, Telli Ondiris, Sagintay, Muranu, Empire Food, Zhaik Electric, Hi-tech Building, Aral Quartz, and Teplomart.
In his welcoming remarks, Deputy Minister of Investments, Industry and Trade of the Republic of Uzbekistan Khurram Teshabayev noted that over the past few years, trade turnover between the two countries has doubled. Since the beginning of this year, mutual trade has increased by another 16 percent, reaching $3.5 billion.
Uzbekistan’s export potential is represented by products from the engineering, automotive, food, chemical, construction, and textile industries. Currently, 1,157 enterprises with Kazakhstani capital operate in Uzbekistan. Of these, 876 are wholly owned by Kazakhstani investors, while 281 are joint ventures.
“Last year, trade turnover between our countries reached $4.1 billion”, noted Deputy Minister of Trade and Integration of the Republic of Kazakhstan Aidar Abildabekov. “Now we have set the goal of increasing trade turnover to $10 billion by 2030. To achieve this, we will work to strengthen ties between entrepreneurs and promote the signing of new contracts”.
In particular, during the forum, ten companies signed agreements totaling $71 million. The economic potential of Uzbekistan and Kazakhstan was showcased, investment opportunities were presented, and promising areas of partnership in industry, agriculture, logistics, construction, and services were discussed.
As part of the event, G2B meetings were held, allowing participants to discuss specific projects and initiatives. The forum proved to be an effective platform for establishing business contacts, exchanging experience, and developing new joint projects.
Following the forum, agreements were signed in the fields of food production, infrastructure construction, and the agro-industrial complex.
As stated previously, 11 investment agreements worth $5.2bn inked between Kazakhstan and U.S. companies.
