Trade turnover between Kazakhstan, Uzbekistan significantly increases

Business Materials 16 March 2020 16:58 (UTC +04:00)
Trade turnover between Kazakhstan, Uzbekistan significantly increases

BAKU, Azerbaijan, Mar. 16

By Ilkin Seyfaddini – Trend:

Kazakhstan's trade turnover with Uzbekistan exceeded $2.7 billion a year, Trend reports via Uzbek media.

Kazakhstan and Uzbekistan signed 52 agreements worth $0.5 billion from January through December 2019.

From January through December 2019, trade turnover between Uzbekistan and Kazakhstan totaled $2.75 billion, an increase of 10.6 percent compared to January through December 2018 ($2.5 billion), the message said.

Export accounts for the major share of the trade turnover (72 percent): for 12 months Kazakhstan supplied Uzbekistan with goods and services worth $2 billion, while the fall for the year made up 8.7 percent. At the same time, imports from Uzbekistan reached $771.2 million, 20.6 percent more than in 2018.

At the end of the third quarter of 2019, Kazakhstan's foreign liabilities to investors in Uzbekistan reached $210.3 million, having increased by 14 percent compared to the same period in 2018. As of the end of the third quarter of 2018, the amount of liabilities was $184.6 million.

In February, Prime Ministers of both countries Askar Mamin and Abdulla Aripov took part in the final session of the II Forum of Interregional Cooperation of Kazakhstan and Uzbekistan on "Cooperation of regional business in the spheres of agro-industrial cooperation, industry and tourism" topic, which gathered over 300 people, the report says.

Prime Minister of Kazakhstan Askar Mamin put forward initiatives on creation of Kazakhstan-Uzbek cluster of light industry, opening of a joint tourist route on tourist sites in Turkestan, Tashkent, Samarkand, Bukhara and Khorezm regions, joint development of wholesale distribution and agro-logistics centers. Prime Minister of Kazakhstan made a special emphasis on the potential of cooperation between the two countries in transit, transport and logistics spheres.

At the end of the forum, 52 documents were signed on the development of economic cooperation, including the final declaration of the forum, as well as interagency, inter-regional and commercial agreements in machine-building, agricultural, financial and banking, industrial, infrastructure, pharmaceutical and other spheres worth about $500 million.

As of March 1, 1.1 million legal entities, branches and representative offices with Uzbek participation are operating in Kazakhstan. Almost all these companies are represented by small enterprises, except one (large business).

Most of the operating enterprises (74.4 percent) operate in three regions of Kazakhstan: Akmola (517 enterprises), Aktobe (189) and Almaty (152).

It is estimated that 61 percent of operating companies with Uzbek participation, work in trade and auto repair, construction, as well as professional, scientific and technical activities.


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