Uzbekistan, Russia eye increasing joint projects of industrial co-op

Uzbekistan, Russia eye increasing joint projects of industrial co-op

On 22 June, Moscow hosted a meeting of the co-chairs of the Intergovernmental Commission on Economic Cooperation between the Republic of Uzbekistan and the Russian Federation, Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov and Minister of Economic Development of the Russian Federation, Trend reports citing UzDaily. Federation of Maksim Reshetnikov, during which a constructive exchange of views took place on the course of bilateral economic partnership and further steps to deepen it.

The parties noted the successful holding of the meeting of the Joint Commission at the level of the Heads of Government of the Republic of Uzbekistan and the Russian Federation, noting that such a format of interaction is an effective tool for strengthening multifaceted cooperation between the two states.

The issues of investment cooperation were discussed - the parties highly appreciated the dynamics of the increase in the inflow of Russian investments into the economy of Uzbekistan and stressed the importance of increasing joint industrial cooperation projects. According to the participants of the meeting, this direction has significant potential for further development, taking into account the technological capabilities of Russian producers and the raw material base and economic resources of Uzbekistan.

A positive trend in the development of mutual trade was noted: by the end of 2020, the growth of Uzbek-Russian trade amounted to 13 percent compared to 2019, and in the period from January to May of this year, this figure increased by 15 percent compared to the same period last year. At the same time, the growth of Uzbekistan's exports to Russia increased by 24 percent.

In this context, the parties discussed the progress in implementing the agreements in the trade, economic and investment spheres, reached during the meeting of the Intergovernmental Commission on Bilateral Cooperation, which took place in October 2020 in Bukhara. An agreement was reached to activate the work of the relevant ministries and departments of the two countries and organize meetings of 9 specialized subcommissions in order to discuss the agenda of the next meeting of the Commission and work out new investment projects and trade agreements.

Following the meeting, the parties outlined further steps for practical cooperation in order to accelerate the solution of common problems within the framework of bilateral economic cooperation.

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