Uzbekistan and Russia intend to establish a joint strategic development center, TASS reported referring to the Deputy Minister of Economic Development of Russia Dmitry Volvach.

The official announced the new initiative at the meeting of the Uzbekistan-Russia and Russia-Uzbekistan business councils held in Kazan. According to him, the opening of such a center will serve to develop bilateral investment and trade relations.

“I think that in the near future, perhaps within the framework of the intergovernmental commission, we will sign documents and a memorandum that will allow us to form this center, legalize it and put it into use next year (2024),” Volvach said.

The Russian government has a practice of creating such centers with other countries, the deputy minister said. They work as project offices to “implement best investment practices for the development of small and medium-sized businesses”.

A meeting of business councils was held within the framework of the interregional cooperation forum between Russia and Uzbekistan. At the event, Volvach also spoke about the plans to launch the production of the Atom electric car owned by Tatarstan’s Kama company in Uzbekistan.