14:54 / 04.06.2024

Uzbekistan’s FDI volume from Turkey increased 10 times over past five years 

Yesterday, the First Deputy Minister of Investment, Industry and Trade of Uzbekistan Nozimjon Kholmuradov took part in the symposium “Uzbek-Turkish strategic relations – comprehensive prospects for the future”, held in Ankara.

Photo: MIIT

According to the MIIT, the event brought together representatives of the Administration of the President of Turkey, heads of ministries and departments, leading political scientists and experts of the two countries at the National Library to discuss and develop conceptual solutions to increase the scale of the strategic partnership between our countries.

The speakers noted the convincing results of the growth dynamics of bilateral trade, economic and investment cooperation between Uzbekistan and Turkey. Thus, over the past five years, the volume of mutual trade between the two countries has increased 1.3 times, the number of enterprises with Turkish capital in Uzbekistan has tripled and reached 1898, and the volume of foreign direct investment from Turkey has increased 10 times.

Investment cooperation is developing confidently – over the past year, 260 new joint Uzbek-Turkish enterprises were created, which brought Turkey to third place in the number of joint ventures in Uzbekistan among other partners. The number of regular flights between the two countries has increased 2.5 times – up to 90 per week.

At the same time, effective measures taken in Uzbekistan to further improve the investment climate were emphasized, such as six percent annual economic growth, a reduction in inflation by 9%, the development of a new version of the law “On Investments” of direct action in accordance with WTO standards, and the introduction of an effective SEZ management system , reducing rates and the number of taxes, the start of a new large-scale program of privatization and IPO of shares of large companies, the establishment of the Tashkent International Arbitration Center and much more.

The Uzbek side noted the country’s strong commitment to further strengthening multifaceted relations with Turkish government, investment and industrial circles. The meeting participants were encouraged to work fruitfully, and their readiness to provide comprehensive assistance in the implementation of new proposals and projects was also expressed.

During the event, the Turkish side highly appreciated the results of large-scale reforms carried out in Uzbekistan, put forward expert opinions and specific proposals for the development of cooperation in the field of trade, investment, industrial cooperation, based on the symbiosis of Turkish experience and technology on the one hand and the qualifications of specialists and resource capabilities, the advantages of the investment climate of Uzbekistan – on the other.

All proposals voiced at the end of the symposium were accepted for further joint development and implementation.

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