Kazakhstan and Uzbekistan Aim to Double Mutual Trade to $10 Billion
Kazakhstan and Uzbekistan Set Ambitious Goal to Double Trade to $10 Billion
During the 21st meeting of the Joint Intergovernmental Commission on Bilateral Cooperation in Almaty, Kazakh Prime Minister Olzhas Bektenov announced that Kazakhstan and Uzbekistan are aiming to double their mutual trade to $10 billion. The meeting was co-chaired with Uzbek Prime Minister Abdulla Aripov on July 12.
Currently, Kazakhstan and Uzbekistan account for 57% of all Central Asian trade, with a trade turnover of $4.5 billion in 2023. This number has already exceeded $1.2 billion in the first four months of 2024. Over the past five years, trade turnover between the two countries has increased by 29.5% to reach $4.4 billion. Kazakh exports saw a significant rise of 56.9% to $3.1 billion, while imports decreased by 9.1% to $1.3 billion in 2023.
Prime Minister Bektenov highlighted the importance of Uzbekistan as one of Kazakhstan’s largest trading partners. Both heads of governments have set the ambitious target of increasing mutual trade volume to $10 billion in the medium term. They plan to achieve this by expanding trade in the agro-industrial complex and the food industry, as well as enhancing industrial cooperation.
Currently, the two countries are working on implementing 69 industrial projects worth $3.1 billion, expected to create over 14,700 jobs. Several joint projects have already been completed, with more underway, including a significant investment in an electrometallurgical plant in Taraz. The construction of the International Center for Industrial Cooperation in the Turkistan Region of Kazakhstan and the Syrdarya Region of Uzbekistan is also a major initiative to foster joint production.
Additionally, both countries are looking to expand cooperation in mechanical engineering to boost the mutual supply of electrical products and batteries annually. Measures to enhance transport sector interconnections, develop railway infrastructure, and improve water sector cooperation are also in place to facilitate the increase in cargo turnover and promote further collaboration.
The leaders of Kazakhstan and Uzbekistan are committed to strengthening their economic ties and achieving their ambitious trade goals, which will not only benefit both countries but also contribute to the growth and development of the region as a whole.
