TASHKENT, Uzbekistan, November 18. Uzbekistan and Russia have launched Shchelkovo Agrochem joint venture in the Uzbek region of Samarkand aimed at manufacturing of chemical plant protection products, Trend reports.
As per data provided by the Russian Trade Mission in Uzbekistan, the venture will annually produce over 20,000 tons of chemical plant protection products and will provide for more than 1,000 jobs.
Investments in the project exceeded $30 million. The products are planned to be exported to neighboring countries, including Tajikistan, Kyrgyzstan and Kazakhstan.
Meanwhile, the share of investments and loans from Russia for the development of Uzbekistan’s economy amounted to approximately $2.9 billion from January through September of 2023.
As per data provided by Uzbekistan’s State Statistics Committee, the recorded number comprises 15.9 percent of the total foreign investments, thus making Russia the top second country among those investing in Uzbekistan.
As per the statistics agency, investments and loans from the Russian Federation constituted 20.3 percent of the total foreign investments in the country in 2022, which translates to roughly $2 billion, standing as the biggest figure among all investing nations.