Kazakhstan and Uzbekistan Seal $7 Billion Investment Deal
Kazakhstan and Uzbekistan Agree on Implementation of $7 Billion Worth of Investment Projects and Trade Contracts
Deputy Prime Ministers of Kazakhstan and Uzbekistan, Serik Zhumangarin and Jamshid Khodjaev, recently held bilateral talks on the sidelines of the Kazakh-Uzbek business forum on Aug. 7, where they agreed to implement 34 investment projects worth $4.4 billion and seven trade contracts worth $2.6 billion.
According to the Prime Minister’s press service, the investment projects will cover various sectors such as energy, mining and geology, transport, chemical industry, construction, electrical engineering, mechanical engineering, and pharmaceuticals. Agriculture will see the most significant projects, with plans for joint cultivation of agricultural products, deep processing of grain and rice in Kazakhstan, and production of silk products in the Turkistan Region.
During the event, business leaders from both countries also signed documents worth $43.5 million, with over 400 attendees present. Zhumangarin highlighted the importance of Uzbekistan as one of Kazakhstan’s main commercial partners, accounting for over 57% of Kazakhstan’s total trade turnover with Central Asian nations. He emphasized the need for structural solutions to trade challenges to achieve the target set by both countries’ Presidents to reach a $10 billion trade turnover in the medium term.
Khodjaev echoed the sentiment, noting that events like the Kazakh-Uzbek business forum serve as a powerful impetus for strengthening bilateral cooperation. He emphasized the potential for both countries to attract major global brands by joining their efforts.
Kazakh Deputy Foreign Minister Alibek Kuantyrov added that bilateral industrial cooperation currently includes 60 projects worth $2.6 billion, with the majority located in Kazakhstan. Eleven joint projects worth $144 million have been completed, and three joint projects worth $181 million are currently being implemented.
In 2023, trade turnover between Kazakhstan and Uzbekistan reached $4.4 billion, showcasing the strong economic ties between the two countries. The successful implementation of the agreed-upon investment projects and trade contracts is expected to further boost economic cooperation and facilitate growth in various sectors for both nations.
