Turkmenistan, Uzbekistan see significant increase in mutual trade

Business 18 January 2022 10:56 (UTC +04:00)
Turkmenistan, Uzbekistan see significant increase in mutual trade

BAKU, Azerbaijan, January 17

By Amina Nazarli - Trend:

Turkmenistan and Uzbekistan have increased mutual trade fivefold over the past four years, and its volume grow by 65 percent, amounting to about $880 million in 2021, Trend reports citing Orient news.

The statement was made at a meeting in Tashkent between Deputy Chairman of the Turkmenistan Cabinet of Ministers Serdar Berdimuhamedov and Deputy Prime Minister - Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov.

The parties expressed readiness to intensify joint work and establish partnerships between entrepreneurs and manufacturers of the two countries with the goal of bringing the volume of mutual trade to $1 billion in the near future.

The main discussions focused on developing new proposals for the implementation of joint projects aimed at the development of high-tech industries and the formation of interconnected value chains on the two states' respective territories.

They discussed preparations for holding this year the first Forum of the Regions of Uzbekistan and Turkmenistan, which is designed to become a platform for establishing direct ties between the two countries' administrations and business circles.

As a result of the meeting, a number of investment and export agreements were signed between business entities from the two countries in agriculture, electrical engineering, chemical industry, and building material production.

Moreover, an agreement was reached on the exchange of experience in improving the efficiency of agricultural land use, introducing international food quality standards, and ensuring food security.