Uzbekistan, Turkey sign deals worth $2B

26 May 2017 11:30 (UTC+04:00)

By Kamila Aliyeva

A set of documents and agreements was signed in Tashkent on May 25 following a meeting of the Uzbekistan-Turkey Intergovernmental Commission for Trade and Economic Cooperation and the Uzbekistan-Turkey business forum.

The documents and agreements, worth more than $2 billion, envisage the implementation of around 30 projects in pharmaceutics, textile industry, electro-technical, construction and banking sectors.

The state and prospects of trade, economic, financial and technical cooperation between Uzbekistan and Turkey were mulled at the meeting. Uzbekistan and Turkey have great potential for increasing trade turnover, said Rustam Azimov, Uzbek deputy prime minister and co-chair of the intergovernmental commission.

In 2016, the mutual trade turnover between the countries reached $1.2 billion, Azimov added.

“This figure does not reflect the potential of the two countries. We have all the opportunities to increase the trade turnover by 3 or 4 times.”

“Trade and economic relations gained a new momentum thanks to the agreements between the presidents of the two countries,” said Tugrul Turkes, Turkey’s deputy prime minister and co-chair of the commission from the Turkish side.

“We have all the opportunities to implement new promising projects,” Turkes said. “New areas of cooperation will allow increasing the trade turnover twice in the shortest period.”

Turkes mentioned that the most promising areas for expansion of the Uzbekistan-Turkey cooperation are the textile industry, construction materials industry, pharmaceutics, agriculture, food, automotive industries and production of household appliances.

Besides Turkes, Turkish Minister of Culture and Tourism Nabi Avci, Minister of Economy Nihat Zeybekci and other officials participated in the meeting.

Turkey became the first country to recognize Uzbekistan’s independence on 16 December 1991. The diplomatic relations were established between two countries on 4 March 1992.

More than 90 bilateral agreements and protocols were signed to form the legal basis of relations and numerous mutual high-level visits were carried out. 

Uzbekistan occupies an important place in terms of regional peace and stability with its population of nearly 30 million, geostrategic position, deep-rooted history, rich cultural values and economic potential. Turkey attaches great importance to the improvement of cooperation with brotherly Uzbekistan in all fields and maintains its willingness to further relations strengthened by the close bonds between Turkish and Uzbek people. 

There are currently 700 companies in Uzbekistan with Turkish capital, 100 of which are representation offices. They carry out activities in the sectors of textile, commitment, food, hotel management, building materials, plastic, medication, and service. There are 114 companies in Turkey with Uzbek capital. 

In February, Turkey and Uzbekistan signed cooperation agreement to boost economic relations.

---

Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

Follow us on Twitter @AzerNewsAz