TASHKENT, Uzbekistan, May 27. Uzbekistan and Russia will launch a joint investment platform, Trend reports.
This was announced during a meeting between the President of Uzbekistan, Shavkat Mirziyoyev, and the President of Russia, Vladimir Putin, in an extended format with the participation of official delegations of the two countries.
The platform will promote new industrial cooperation projects in energy, metallurgy, petrochemicals, machine building, mining, agriculture, logistics, pharmaceuticals, artificial intelligence, and many other areas worth over $20 billion.
Meanwhile, according to the Uzbek president's office, the country expects to utilize $5 billion of Russian investments in 2024.
At the same time, Uzbekistan’s trade turnover volume with Russia amounted to $3.8 billion from January through April 2024. This figure has increased by 31 percent compared to the same period last year ($2.9 billion in January–April 2023).
Russia is Uzbekistan's second-largest foreign trade partner. The country accounts for 18.4 percent of Uzbekistan's trade turnover.
Furthermore, Uzbekistan and Russia agreed to increase trade turnover volume to $30 billion in the near future.