Turkmenistan, Uzbekistan discuss prospects for trade, economic co-op

Business Materials 9 March 2019 10:15 (UTC +04:00)

Ashgabat, Turkmenistan, Mar. 9

By Huseyn Hasanov – Trend:

Turkmenistan's Chamber of Commerce and Industry (CCI) has hosted a meeting between Akmaljon Kuchkarov, Uzbek Ambassador to Turkmenistan, and Orazmyrat Gurbannazarow, chairman of the CCI, Trend reports referring to the Uzbek Foreign Ministry.

The parties discussed enhancing trade and economic cooperation during the meeting, and talked about new opportunities for building up bilateral cooperation in various fields.

The formation of the Uzbek-Turkmen business council, an agreement on which was signed by the end of the bilateral summit talks in April 2018, serves as a perfect example of this, according to the report.

It was stressed that the new format will help further strengthen the partnership between the business communities of the two countries, organize joint conferences and exhibitions, as well as further facilitate mutual trade.

The parties agreed on the agenda of the first meeting of the business council and reached an agreement on determining the date and place of the event as soon as possible.

The two neighboring countries are discussing the possibility of implementing new joint projects, identifying the energy sector, the development of transport infrastructure, industry, agriculture, and the stimulation of investment activity as prioritized fields.

According to the Uzbek side, the total volume of trade in 2018 rose to $302 million from $177 million a year earlier. The countries signed contracts and memorandums in April 2018 providing for joint projects worth over $250 million.

Turkmenistan and Uzbekistan, possessing impressive hydrocarbon reserves, are in favor of diversifying energy flows. One good example might be the project for the construction of the Turkmenistan-Uzbekistan-Kazakhstan-China gas pipeline, commissioned in 2009.

Ashgabat is also ready to step up cooperation as part of the project on the supply of electricity from Central Asia to South Asia along the Turkmenistan-Uzbekistan-Tajikistan-Afghanistan-Pakistan route.

The project on the creation of an Uzbekistan-Turkmenistan-Iran-Oman transport route is also currently being discussed. This will significantly increase international transit freight traffic and provide a new communication corridor to global markets.