Trade turnover between Uzbekistan and Russia may reach $8.5 billion by year end 

According to the press service of the Ministry of Investments, the meeting was co-chaired by Deputy PM - Minister of Investments and Foreign Trade Jamshid Khodjayev and Deputy PM - Minister of Industry and Trade of the Russian Federation Denis Manturov.

As part of the agenda, a wide range of issues of trade-economic, investment, industrial, transport-logistics and cultural-humanitarian cooperation between the two countries was considered. In particular, the prospects for the development of mutual trade, demonstrating a positive growth trend in recent years, were analyzed. Responsible leaders were instructed to take practical measures to diversify mutual trade and bring its volumes to a qualitatively new level.

The course of investment cooperation and industrial cooperation between the two countries in the context of regions and industries was considered. 

An agreement was reached to continue work in this direction, including through the organization of regular online negotiations in order to develop proposals for the implementation of new investment projects and trade agreements. As a result of the meeting, the final protocol and a solid package of bilateral documents were signed. 

Denis Manturov said that the trade turnover between Uzbekistan and Russia could reach $8.5 billion by the end of the year. 

“Obviously, it will be already higher than last year, because the growth was already 37%. We expect to reach about $8.5 billion by the end of the year,” Manturov said.

According to him, in January-September the trade turnover between the two states increased by 37%, up to $5.3 billion.

In addition, Manturov said that Russia is interested in the appearance of auto components of Uzbek manufacturers on the Russian market. 

“We are also interested in the fact that Uzbek manufacturers of auto components come to our market - now the situation is quite favorable for this,” he said.

Manturov stressed that investment cooperation between Russia and Uzbekistan is intensifying.

“Russia is undoubtedly one of the key investors in the economy of Uzbekistan. The volume of capital investments of our companies has already exceeded $10 billion,” he said.

Investments affect most of the key sectors of the economy, such as the oil and gas and energy sectors, telecommunications, and the agro-industrial complex. At the same time, cooperation through industrial cooperation can be even more capacious, the Russian PM noted.