10.06.2024

Under President Shavkat Mirziyoyev, further plans for economic and investment cooperation with the Republic of Türkiye and the Kingdom of Saudi Arabia were considered.

During the official visit of the Head of our State to Türkiye last week, many agreements were reached.

In particular, following the third meeting of the Uzbek-Turkish Strategic Cooperation Council and the meeting with the heads of the leading companies of the two countries, 158 new projects worth US $10,1 billion were formed. These projects cover industry, energy, mining and geology, transport, health and agriculture.

The meeting provided information on measures to be taken to further develop trade and economic cooperation.

In particular, it is planned to expand the range of products under the bilateral Preferential Trade Agreement, to reduce tariffs and duties on textile, leather and footwear, electrical and handicrafts products, and to open a trade office of Uzbekistan in Istanbul.

It is also planned to develop a "road map" for the development of mountain areas based on Turkish experience, to introduce an agricultural insurance system, to open an Uzbek-Turkish Seed Testing Centre that meets international standards.

The President gave further instructions on expanding the portfolio of promising projects with large Turkish companies and developing interregional cooperation.

Investment cooperation is actively developing with Saudi Arabia, a number of major projects have been launched, and the investment portfolio is constantly expanding. With the participation of the Kingdom’s companies, a list of 34 investment projects with a total cost of US $24,1 billion has been compiled.

As part of these projects, it is planned to spend US $2,5 billion this year, including US $1,5 billion in additional 13 projects in the areas of transport, digitalization, infrastructure, health and energy.

The meeting focused on the revitalization of the Uzbek-Saudi Business Council. The importance of the conclusion of negotiations and the beginning of practical work on new promising projects in the sphere of ecology, extractive industry and in the field of financial cooperation with a total value of US $6,5 billion, formed within the framework of the council was noted.

The President, having read the reports and plans, instructed the responsible persons to take measures for the full and quality development of foreign investments, to establish strict control over the implementation of projects.

The goal is to conduct a constant dialogue with investors, create for them the most favorable conditions and systematically solve the issues arising in the process of project implementation.