In 2024, Uzbekistan plans to attract $5 billion in investments from Russia. President Shavkat Mirziyoyev on May 10 reviewed the progress of agreements and future plans for investment cooperation with foreign partners.
From April 22 to 24, the international industrial exhibition "Innoprom. Central Asia" took place in Tashkent, which "served as a bright example of successful trade and economic cooperation with the Russian Federation." During the event, agreements worth $4 billion were signed.
By the end of 2023, the trade turnover between the countries reached nearly $10 billion. The President set a goal to double this volume by 2030.
There are over 3000 joint ventures with Russia operating in Uzbekistan. In 2023, over 700 new enterprises were established. Approximately $3 billion of Russian investments were utilized last year, with an expected $5 billion for this year.
"The portfolio of joint projects [with Russia] today exceeds $44 billion. Only this year, the task has been set to ensure the implementation of no less than $5 billion of [Russian] investments. This task is absolutely achievable. Specific plans, network schedules, and roadmaps have been prepared for all directions, all industries, and regions," stated Minister of Investments, Industry, and Trade Laziz Kudratov in an interview with a TV channel.
According to the head of the ministry, the President instructed to "ensure a non-standard approach, implement non-standard mechanisms" to effectively and timely implement these projects.
"All necessary units will be involved, not only ministries and departments, but also governments, the Cabinet of Ministers, the Prosecutor General's Office. And such an approach, a non-standard approach, targeted work with each Russian investor, with each partner will definitely yield results," he said.
On May 2-3, the Tashkent International Investment Forum took place with more than 2,500 guests from 93 countries participating. Following the business events at the forum, a substantial package of investment agreements and export contracts worth $26.6 billion was signed.
Among them are major projects in construction, "green" energy, mining industry, infrastructure development, chemical, food, textile industries, and healthcare.
The head of the state emphasized the need to ensure strict control over the timely and full-scale implementation of each roadmap point, continuous dialogue and interaction with investors, creating the most favorable conditions for them, and systematically resolving issues that arise during project implementation.
