Kazakhstan and Uzbekistan Agree on Major Investment and Trade Projects
Astana, The Gulf Observer: In a significant development during the “Kazakhstan-Uzbekistan” business forum, the Deputy Prime Ministers of Kazakhstan and Uzbekistan, Serik Zhumangarin and Jamshid Khodjaev, reached an agreement to collaboratively implement 34 investment projects worth US$4.4 billion and seven trade contracts totaling US$2.6 billion. This announcement was made via the Official Information Resource of the Prime Minister of Kazakhstan.
Kazakhstan’s Deputy Prime Minister, Serik Zhumangarin, emphasized the importance of the relationship between the two nations. “Uzbekistan is one of Kazakhstan’s largest trading partners, ranking 7th as of 2023. Trade with Uzbekistan accounts for over 57% of our country’s total trade turnover with Central Asian countries. Over the past five years, bilateral trade has increased by 29%, reaching US$5 billion in 2022. We need systematic solutions to trade issues and the search for new growth points in trade turnover to achieve the goal set by our heads of state — to reach US$10 billion in the medium term,” Zhumangarin stated.
The planned investment projects will span a wide array of sectors including energy, mining and geology, transportation, chemical industry, construction, electrical engineering, mechanical engineering, and pharmaceuticals, with a strong emphasis on agriculture.
Key projects include joint agricultural production and deep processing of grain and rice in Kazakhstan, production of silk products in the Turkestan region, establishment of a packaging materials manufacturing plant, and other initiatives. Additionally, a decision was made to establish a joint venture for the reception and processing of cattle hides in the Mangystau region.
The successful implementation of these projects is expected to harness the investment and trade potential of both countries, significantly contributing to the ambitious goal set by the leaders of Kazakhstan and Uzbekistan to increase mutual trade turnover to US$10 billion in the near future.
