On October 12 this year, Bukhara hosted the twenty-first meeting of the Uzbek-Russian Intergovernmental Commission (IGC) on Economic Cooperation.

Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov and Minister of Economic Development of the Russian Federation M. Reshetnikov co-chaired the meeting.

During the meeting, the attendees discussed the progress in bilateral cooperation in the commercial and economic, cultural and humanitarian, scientific and technical areas, as well as new promising spheres to develop partnership.

The meaningful dialogue and exchange of views on the high matters of the agenda included expression of deep commitment from both sides to expand multifaceted cooperation in industry, agriculture, transport, energy, healthcare, banking, and financial sector, as well as education.

The attendees noted a significant growth of commerce between Uzbekistan and Russia, which increased by 58% over the past 3 years. At the same time, they emphasized the significant untapped potential in this area. Here, they negotiated on the further joint steps to deepen commercial relations between the two countries in order to achieve a trade turnover of USD 10 billion in the near future. The attendees disclosed specific proposals to remove existing barriers in commerce and optimization of conditions for the foreign trade operations by Uzbek and Russian companies.

The discussion touched upon the prospects for the expansion of successful cooperation in the investment sphere. It was noted that currently there is a package of large investment projects totaling more than USD 16 billion under implementation in petro-chemistry, mining metallurgy, energy, healthcare and pharmaceuticals, production of construction materials, textile industry, and fruit and vegetable processing areas.

The parties highlighted a number of prerequisites for further expansion and diversification of investment cooperation through the elaboration and implementation of new industrial cooperation projects in the most promising areas and agreed to work closely here.

The point noted was the practical significance of the Project Office opened in August this year between the Ministry of Industry and Trade of the Russian Federation and the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan.

The parties discussed issues related to the implementation of 104 new investment projects in the industrial cooperation totaling USD 5.8 billion, as well as agreed to jointly and effectively monitor the high-quality and timely implementation of each project within the agreed time.

The parties agreed to hold an International Investment and Industrial Exhibition 'Innoprom' in Tashkent in April 2021, which will provide Russian and Uzbek manufacturers and entrepreneurs to establish direct contacts and jointly develop new promising project proposals in the industrial cooperation.

Separately, they considered the enhancing of interregional cooperation, as well as organization of regular mutual visits of heads of regional administrations and business missions to the regions of Uzbekistan and Russia to form new points of growth of partnership in all areas between the regions of the two countries.

One of the key components of bilateral cooperation was the interaction in the cultural and humanitarian areas. The discussion touched upon practical aspects, a number of joint events, in particular, the Second Educational Forum 'Uzbekistan-Russia' involving rectors of leading universities and scientific and educational centers of the two countries.

Separately, cooperation in the systematization of the labor migration was considered. The parties noted significant progress in joint work here, and discussed further measures to strengthen mechanisms to assist Uzbek citizens living and working in the Russian Federation in employment, social, financial and legal protection. They also emphasized their mutual willingness to join efforts to accelerate the implementation of the project to create a multifunctional migration center of the Russian Federation (MMC) in the Republic of Uzbekistan.

The meeting resulted in the signing of the minutes of the 21st meeting of the Uzbek-Russian Intergovernmental Commission on Economic Cooperation disclosing the key agreements reached during the event, and the main vectors to further deepen multifaceted cooperation between the two states.