19:32 / 26.01.2023

Uzbekistan and Kyrgyzstan sign a package of documents worth $1.6 billion

More than 50 documents worth more than $1.6 billion were signed at the forum held in Bishkek on the eve of the visit of the President of Uzbekistan Shavkat Mirziyoyev to Kyrgyzstan. Including investment agreements worth $300 million and trade agreements worth $1.3 billion.

Photo: Ministry of Investments and Foreign Trade of the Republic of Uzbekis

On January 26, on the eve of the state visit of the President of Uzbekistan Shavkat Mirziyoyev to Kyrgyzstan, the business forum “Kyrgyzstan – Uzbekistan” was held in Bishkek. According to the MIFT, more than 350 representatives of the governments of the two countries, relevant ministries, departments, industry associations, heads of regional administrations, and business circles took part in it.

Speaking at the forum opening, the speakers noted that the volume of trade between the two countries has increased 7 times over the past five years and reached $1.2 billion in 2022.

At the same time, it was reported that the economies of Uzbekistan and Kyrgyzstan have enough potential to exceed the $2 billion milestone in the near future. It was noted that this can be achieved by increasing the mutual supply of cement, coal, non-ferrous metals, agricultural and textile products, chemical fertilizers, household and commercial equipment, and pharmaceutical products, among other measures.

“Issues of development of industrial cooperation have been identified as a priority direction of bilateral cooperation. Compared to 2016, the number of joint ventures increased 8 times to 320. It was agreed to implement new projects on the production of automobiles and commercial equipment, the launch of joint textile enterprises, the production of chemical products, as well as the introduction of the electricity accounting system,” the ministry said.

Based on the principle of complementarity of economies of the two countries, large-scale projects aimed at development of iron, kaolin, travertine, basalt deposits and production of products with high added value are being developed.

It is planned to use the competitive advantages of both economies in the agricultural sector. This includes the development of intensive gardens and modern greenhouses, the joint cultivation of potatoes, corn and meat, and the creation of joint animal husbandry complexes.

During the forum, special attention was paid to strengthening interregional cooperation.

A special online platform will be developed in order to establish systematic work and create conditions for permanent cooperation between entrepreneurs of the two countries.

Following the forum results, more than 50 important agreements with a total value of more than $1.6 billion were signed in chemistry, electrical engineering, automobile industry, textile industry, agriculture, construction materials, leather goods production and other fields.

Main documents:

•  “Roadmap” signed by the Ministers of Agriculture of the two countries on cooperation in the field of agro-industrial complex;
•  Agreement on cooperation on the organization of production of textile products in Jalalabad region;
•  Agreement on cooperation in the field of leather production and processing, as well as on the establishment of an agricultural class on potato cultivation in Naryn region;
•  Agreement on cooperation on the creation of an agroclass and livestock complex for potato cultivation;
•  Agreement on joint cooperation within the framework of the investment project “Construction of carbide and calcium production complex in the Kyrgyz Republic”. The amount of the contract is $20 million;
•  Agreement on the supply of corn grain of the Kyrgyz Republic to Uzbekistan. The amount of the contract is $100 million;
•  Memorandum of understanding and cooperation on the organization of electricity metering and assembly of devices in the Kyrgyz Republic;
•  Memorandum on production of basalt stone processing plant;
•  Agreement on cooperation on sale of products of Uzbek companies in the Kyrgyz Republic;
•  Agreement on delivery of agricultural products from Kyrgyzstan to Uzbekistan.
•  Investment contracts worth $300.3 million, export contracts worth $1.15 billion and import contracts worth $223 million.

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