Uzbekistan and Kyrgyzstan are building up new formats of economic relations

According to nuz.uz, the Development Strategy Center hosted a conference in a hybrid format on the topic “Perspective directions for the development of the Uzbek-Kyrgyz strategic partnership”, organized by the Institute for Strategic and Interregional Studies under the President of the Republic of Uzbekistan with the National Institute for Strategic Studies under President of the Kyrgyz Republic.

Speaking at the event with a welcoming speech, Akramjon Nematov, First Deputy Director of Institute for Strategic and Interregional Studies under the President of the Republic of Uzbekistan, focused on the dynamic development of the Uzbek-Kyrgyz trade and economic cooperation. As the expert noted, in 2022, the volume of trade between the countries for the first time exceeded $1 billion 260 million, which is almost 5 times more than in 2017. Among the Central Asian countries, Kyrgyzstan became the second trade partner of Uzbekistan after Kazakhstan. “At the same time, the parties intend to double mutual trade in the coming years due to diversification and expansion of its range”,- he stated.

Moreover, Akramjon Nematov pointed out, both countries are building up new forms of economic ties.

In order to finance promising projects, the Business Council, the Uzbek-Kyrgyz Development Fund were established with an authorized capital of $50 million, with a subsequent increase to $200 million. A Plan of practical measures is being implemented to expand and deepen cooperation in the field of industrial cooperation, which includes 60 projects worth over $550 million

A powerful impetus to the development of bilateral relations, including between the regions of the two states, is given by the Council of Heads of Border Regions of Uzbekistan and the Kyrgyz Republic, established in 2017.

“All this contributes to the development of business, the creation of new jobs, an increase in the share of import substitution, and an increase in the export potential of the two neighboring states. Work is underway to create border trade and industrial zones. Thus, the number of joint ventures with the participation of Kyrgyz capital increased 6 times compared to 2016, exceeding 300 units. 51 enterprises with the participation of Uzbek residents have been opened in Kyrgyzstan”,- Akramjon Nematov concluded.