An investment fund of $500 million is also being created, of which 80% will be allocated by the Russian side.
Russia plans to supply railway equipment and localize its production in Uzbekistan. Russian President Vladimir Putin stated this on May 27 in a commentary for the press following bilateral negotiations.
According to him, the parties are working on joint projects for the construction of a copper processing plant and the launch of an integrated full-cycle metallurgical cluster based on an iron ore deposit in the republic.
“To finance promising projects implemented in Uzbekistan, a special investment fund is being jointly created with the participation of the regions of the two countries – this was also just said – with a total volume of $500 million. The Russian side is ready to contribute its share, and our share is $400 million. Funds have been allocated and prepared. Now only technical details remain. This will be finalized in the coming days. These are funds that will be directed to a variety of areas of the real sector of the republic’s economy,” Putin noted at the Council of Regions.
The Russian president also highlighted the creation of an international North-South corridor as a promising project: from Russia and Belarus to the coast of the Indian Ocean. In particular, one of the routes will pass near or through the territory of Uzbekistan, providing the country with access to the ocean.
Shavkat Mirziyoyev listed several new projects with Russian participation:
• high-tech polymer production in the Khorezm region;
• metallurgical plant in Karakalpakstan;
• gas processing complex in Kashkadarya region;
• industrial parks in Bukhara and Navoi regions.
The head of state emphasized his interest in launching joint industrial zones to implement cooperation projects with Russian enterprises. The total amount of signed agreements exceeded $20 billion.
