Businesses of Uzbekistan and Kazakhstan Signed Agreements for $2 Billion

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At a meeting of the Uzbek-Kazakh business council, entrepreneurs signed contracts for $2 billion, writes Forbes Kazakhstan.

According to the Atameken Chamber of Entrepreneurs of Kazakhstan, 15 bilateral agreements were signed during the forum. In addition, a number of contracts worth $600 million were signed earlier in the Turkestan region.

Thus, during the meeting, Uzavtosanoat signed an agreement with the Kazakh group of companies Allur. It is planned to organize small-scale assembly of Nexia cars in Kazakhstan, as well as to supply components for them.

Another contract was concluded by Novo-Angren TPP – the Kazakh side will supply coal to it in the next 5 years.

Deputy Prime Minister of Kazakhstan Roman Sklyar suggested developing assistance in the implementation of common projects, launching new joint ventures and joint initiatives to export to foreign markets (this was reported by Spot).

“We welcome the participation of Uzbek businesses in projects aimed at developing export-oriented production for joint entry into the markets of third countries,” Sklyar added.

Over the past 5 years, trade between the two countries has increased by 60% and has now reached $ 3 billion. By the end of 2021, this figure will reach $ 4 billion – this will provide Uzbekistan with a place in the top 5 trading partners of Kazakhstan, said the head of Atameken Ablai Myrzakhmetov.

Uzbek MIFT chief Sardor Umurzakov said the two countries have an “ambitious task” to increase bilateral trade to $5 billion next year and $10 billion thereafter.

“To achieve the goal, we have worked out a joint roadmap so that our entrepreneurs begin to trade more actively both with each other and jointly enter the markets of third countries,” Umurzakov added.

The potential for business cooperation between the two countries has not been fully tapped, Myrzakhmetov notes. In particular, there is a big backlog in agriculture and the food industry, as well as in light industry and pharmaceuticals.

The launch of the international center for trade and economic cooperation “Central Asia” contributes to the development of cooperation. According to experts, the joint commodity distribution system will increase the volume of transit trade by 2030 to $37.9 billion.

“With the emerging trend, the ambitious $5 billion will become a real figure, and the concluded agreements will create 20-30 thousand jobs in a few years,” said Adkham Ikramov, head of the Chamber of Commerce and Industry of Uzbekistan.

Earlier, Spot reported that the Kazakh BI Group will be engaged in construction in Tashkent for $500 million.

Source Spot