On September 15 this year, Deputy Prime Minister of the Republic of Uzbekistan S. Umurzakov met with Deputy Prime Minister of the Russian Federation A. Overchuk at the Ministry of Investment and Foreign Trade.

The meeting was another step towards strengthening multifaceted bilateral cooperation. The parties negotiated on the progress in mutual agreements, as well as outlined further measures under the joint initiatives and projects.

They noted a promising growth dynamics in investment cooperation. 209 joint ventures were established in just eight months of this year. Total number of enterprises in Uzbekistan involving Russian capital doubled over the past three years and exceeded 2 thousand units.

Accordingly, the parties discussed issues of coordination and practical implementation of joint projects in Uzbekistan. At the moment, 104 investment projects in industrial cooperation amounted to USD 5.8 billion aimed at the production of high added value products within both countries for their subsequent sale to third-country markets are worked out. In addition, they outlined priorities for further expansion of the investment partnership through joint development of new high-impact projects.

The parties considered the tools to accelerate the approval of a number of intergovernmental and interdepartmental documents, which would provide favorable conditions for commodity circulation buildup between the two countries.

They agreed to enhance cooperation between the ministries and departments of the two countries to prepare for the high-level visit to the Russian Federation. Here, the discussion touched upon practical aspects of the organization of a number of joint events, including the II Forum of Interregional Cooperation, the opening of an exhibition and cultural center of the Republic of Uzbekistan at VDNKh, National Exhibition 'Made in Uzbekistan' in Moscow, Educational Forum and the Media Forum.

There was a constructive exchange of views on cooperation between Uzbekistan and the Eurasian Economic Union, as well as active bilateral cooperation thereunder.

The parties also mutually emphasized the need for further joint work on the development of practical mechanisms to systemize labor migration and introduce the ordered system ensuring the protection of the rights and interests of compatriot migrants, as well as aimed at improvement of the conditions for their stay and labor in the Russian Federation.

The parties agreed to accelerate approved projects and initiatives and, as well as monthly monitor their progress and inform the business community of Uzbekistan and Russia on the possible build-up of investment partnerships and mechanisms increasing bilateral trade.