Monday, 22, July, 2024

Uzbek-Kyrgyz business forum took place in Bishkek today Ahead of the state visit of President Shavkat Mirziyoyev to Kyrgyzstan, the press service of the Ministry of Investment, Industry and Trade said.

The Forum was attended by the members of governments, heads of ministries, provincial governor offices, as well as more than 350 business leaders of the two countries.

In their opening remarks, the speakers emphasized that the two way trade between the two countries had grown 7 times over five years to $1.2 billion in 2022.

While, noting a great untapped potential to go beyond $2 billion mark in the near future, including by increasing mutual supplies of cement, coal, non-ferrous metals, agricultural and textile products, chemical fertilizers, household and commercial equipment, pharmaceuticals.

The priority area of cooperation is the development of industrial cooperation. Agreements were reached on the implementation of new projects in the assembling of civil and commercial vehicles, the launch of joint textile firms, the production of chemical products, and the introduction of electricity metering systems.

Major projects are being worked out for the development of iron, kaolin, travertine, basalt deposits with further production of high added value items.

The participants highlighted the signing in September last year of a trilateral agreement on the implementation of the China-Kyrgyzstan-Uzbekistan railway project. The stepping up of efforts on this strategic project has been designated as a priority area for cooperation in the field of transport and logistics.

In order to facilitate constant interaction between businesses of the two countries, an online platform will be developed, thanks to which business representatives will be able to conclude trade contracts, find ready-made industrial cooperation projects and select business partners.

Also at the forum was inked a package of more than 50 accords worth total of over $1.6 billion in the chemical, electrical, automotive, textile industries, agriculture, production of building materials, leather goods and other areas.

Among the accords:

  • Roadmap on cooperation in the field of agro-industrial complex between the ministries of agriculture of the two countries;
  • Agreement on cooperation to create a textile production in the Jalal-Abad region of Kyrgyzstan;
  • Agreement on cooperation in the production and processing of leather, as well as the organization of an agricultural cluster for growing potatoes in the Naryn region of Kyrgyzstan;
  • Agreement on cooperation to create an agrocluster for the production of potatoes and a livestock complex;
  • Agreement on joint partnership within the framework of the investment project "Construction of a complex for the production of carbide and calcium in Kyrgyzstan" for $20 million;
  • Agreement on the supply of corn grain from Kyrgyzstan to Uzbekistan for $100 million;
  • a memorandum of understanding and cooperation on organizing the assembly of devices and electricity metering in Kyrgyzstan;
  • Memorandum on the production of a basalt stone processing plant;
  • Agreement on cooperation in the sale of products of Uzbek companies in Kyrgyzstan;
  • Contract for supply of agricultural products from Kyrgyzstan to Uzbekistan.

Investment agreements were signed worth $300.3 million, export contracts for $1.15 billion, and import contracts for $223 million.

Latest in Business