Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S.Umurzakov met with Vice President of the Republic of Turkey F.Oktay.

During the meeting, the current state and prospects for expanding bilateral cooperation as well as the implementation status of agreements reached during F.Oktay’s visit to Uzbekistan in June this year were discussed.

The implementation status of joint projects and initiatives, agreed upon following the 6th meeting of the Intergovernmental Commission on Trade and Economic Cooperation between Uzbekistan and Turkey (IGC) was reviewed. The commitment was expressed to close cooperation on the qualitative and timely implementation of existing agreements as well as promotion of the IGC’s effectiveness.

The success achieved in deepening investment cooperation was emphasized: since 2016, the number of enterprises with Turkish capital established in Uzbekistan has doubled, while the volume of Turkish investments in the country's economy has increased 10-fold. During the meeting, the progress in implementation of major joint investment projects was reviewed and further steps for their accelerated implementation were outlined.

Prospects for deepening industrial cooperation between the two countries were discussed. It was agreed that in the near future the parties will develop and approve a joint Roadmap for the implementation of new projects in the fields of mechanical engineering, petrochemistry, electrical engineering, light industry, production of construction materials and pharmaceuticals.

The positive dynamics of trade development between the two countries was noted: for example, during the last 5 years, the volume of mutual trade between Uzbekistan and Turkey has doubled, and since the beginning of this year it has increased by 70 percent. A common position was outlined on the need to bring the volume of Uzbek-Turkish trade turnover to $5 billion in the near future. In this context, an agreement was reached to intensify work on finalizing the Preferential Trade Agreement and the Electronic Commerce Agreement between Uzbekistan and Turkey.

Special attention was paid to measures for developing regional cooperation. The initiative to hold an Uzbek-Turkish interregional forum, which will serve as a platform for establishing economic ties between the regions of Uzbekistan and Turkey, was considered.

The sides also expressed mutual readiness to develop a joint program of cooperation in investment, trade and economic, transport and logistics, information and communication systems, cultural and humanitarian areas for the next three years.

Following the meeting, priority tasks were identified for the promotion and implementation of agreed projects and initiatives within the framework of the considered areas of cooperation.