Uzbekistan and Turkey intend to increase their trade turnover to $5 billion a year, Özgür Onur Özgüven, head of the business council of the two countries, Spot reported with reference to the Anadolu news agency.

In 2021, the volume of bilateral trade amounted to $3.64 billion. Özgüven noted that compared to the previous year, it grew by $1.5 billion, or 72% .

Trade between the countries stands out for its balance – Turkish exports to Uzbekistan are almost equal to imports. Turkey supplied goods worth $1.84 billion to Uzbekistan and received $1.80 billion from it.

The activity of Turkish investors is growing in Uzbekistan. Over the past year, 407 companies with Turkish capital have been created.

The head of the business council called Uzbekistan “an extremely significant market for Turkey”. The organization is working to further strengthen trade ties between the two countries.

According to the State Statistics Committee data for 2020 and 2021, Turkey has risen to 4th place in the list of trade partners of Uzbekistan, surpassing South Korea. The Uzbek-Turkish trade turnover not only recovered after the pandemic, but also exceeded the 2019 level of $2.54 billion.

Thus, Uzbekistan more than doubled its textile exports to Turkey, from $206.1 million in 2020 to $461.1 million in 2021.

Imports of machinery and machine tools from Turkey increased by 71%. If in 2020 it was $479 million (6% of the total), and in 2021, it was already $820 million (9.9%). Also, the import of manufactured goods increased by 60% – from $178.6 million to $287 million.