28 April 2023

Issues of economic cooperation of the CIS countries were discussed on the sidelines of the second Tashkent International Investment Forum

The panel session on the topic: “Prospects for deepening economic cooperation between the CIS countries” was held as part of the second Tashkent International Investment Forum, the press service of MIIT reports.

Economic cooperation between the CIS countries has great potential, but for its full use it is necessary to strengthen the work on the development of transport infrastructure, increase the level of mutual trade and investment, reduce trade barriers, and exchange experience and technologies. How can the full economic potential of the region be used? What measures should countries take to facilitate trade procedures? Increase mutual investment? These and other issues were discussed during the panel session.

The speakers at the session were Jamshid Khodjaev – Deputy Prime Minister of the Republic of Uzbekistan, Maxim Reshetnikov – Minister of Economic Development of the Russian Federation, Rovnag Abdullayev – Deputy Minister of Economy of the Republic of Azerbaijan and others.

Jamshid Khodjaev, Deputy Prime Minister of the Republic of Uzbekistan, noted that the CIS market, which represents about 4% of the world’s population, that is, approximately 285 million people, is of interest to foreign investors. Last year, foreign trade turnover grew by 20%, and the market itself continues to grow and diversify.

He also stressed the importance of infrastructure cooperation, including trunk routes and railways. “Large infrastructure projects can be capital intensive but have the most potential,” he added.

In the field of energy, he emphasized the complementarity of the CIS countries, where some countries produce oil and gas, while others have renewable energy opportunities. He expressed hope that cooperation between the countries in this area will bring great results. The projects of two hydroelectric power plants with Kyrgyzstan and Kazakhstan have already been worked out.

The potential of industrial cooperation is also noted, especially in connection with the capital and energy resources of each country. For example, Uzbekistan is conducting a joint project with Kazakhstan – in the cultivation of cotton and its subsequent processing.

Jamshid Khodjaev also emphasized that cooperation between countries can help achieve food security and level the food shortages that some countries are facing. He noted that the task of the government is to help develop cooperation in various fields, including the automotive industry and others.

Maxim Reshetnikov, Minister of Economic Development of the Russian Federation, also spoke during the session.

– Uzbekistan is one of the key locomotives for the development of Central Asia. More than 3,000 companies with the participation of Russian capital work here. In addition, I believe that tourism is a growth point that will strengthen relations in the CIS. Further integration can give impetus to the development of Uzbekistan.

Rovnag Abdullayev, Deputy Minister of Economy of the Republic of Azerbaijan shared his experience in attracting investments in Azerbaijan.

– Foreign direct investment is an important mechanism for ensuring economic security. Business is good, but it is impossible to achieve really good results without foreign investors. Using the example of Azerbaijan, I can say that we have created a legal framework to attract investors, including tax and customs exemptions. It is important to form the country’s image in terms of attractiveness for investors. We are also developing new areas of foreign direct investment. We are currently actively working to restore economic ties and expand transport routes. Of course, we are implementing all these measures not alone, but together with companies from the CIS countries, said Rovnag Abdullayev.

Umbriel Temiraliev, Director of the National Investment Agency under the President of the Republic of Kyrgyzstan, spoke about the country’s priorities in attracting investments. He pointed to three main sectors that are directly related to investment – energy (need to reduce emissions by up to 50%), tourism (the landscape of Kyrgyzstan will offer excellent conditions) and food production. Investment projects for potential investors were also proposed.