Council of Central Asian Trade and Investment Ministers convenes in Tashkent
On November 14, Tashkent hosted the inaugural meeting of the Council of Ministers of Trade and Investment of the Central Asian states, organized by the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan, UzA reports.
The meeting was attended by Laziz Kudratov, the Minister of Investment, Industry and Trade of the Republic of Uzbekistan, Arman Shakkaliyev, Minister of Trade and Integration of the Republic of Kazakhstan, Zavqi Zavqizoda, Minister of Economic Development and Trade of the Republic of Tajikistan, Nazar Agahanov, Minister of Trade and Foreign Economic Relations of Turkmenistan, Elnur Aliyev, First Deputy Minister of Economy of the Republic of Azerbaijan, as well as Duishonkul Chotonov, Ambassador Extraordinary and Plenipotentiary of the Kyrgyz Republic to Uzbekistan.
Opening the meeting, Mr. Kudratov emphasized that the gathering is taking place on the eve of the 7th Consultative Meeting of the Heads of State of Central Asia and represents an important step toward a new level of regional economic cooperation.
“Our countries possess significant economic potential, a combined population of nearly 90 million people, a strategic location between East and West, a developed transport network, and a rich resource base”, Minister Laziz Kudratov noted. “In recent years, the combined GDP of the Central Asian countries and Azerbaijan has increased more than 2.5 times, reaching nearly $600 billion”.
At the meeting, the parties discussed a set of measures to expand mutual trade and industrial integration. Special attention was given to creating tools to increase trade turnover among the countries of the region to $20 billion, establishing joint production sites under the “Made in Central Asia” brand, and attracting international financial institutions and major investors to implement infrastructure and industrial projects.
It was noted that trade and economic cooperation between Uzbekistan and the Central Asian countries has been steadily growing. While mutual trade amounted to $3.2 billion in 2017, by 2024 it had exceeded $6.9 billion.
Trade turnover with Kazakhstan is approaching $4 billion, with Kyrgyzstan it stands at around 700 million, with Tajikistan it has surpassed 570 million, and with Turkmenistan it has more than doubled, reaching $1.15 billion. Trade with Azerbaijan has increased by 13% since the beginning of the year.
Following the meeting, a joint communiqué was signed, reflecting key agreements on deepening economic cooperation, developing cooperative ties, creating new tools for investment interaction, and promoting the Central Asia brand on the international stage.
To note, Kazakhstan strengthens regional cooperation on Afghanistan.
