Kazakhstan and Uzbekistan Strengthen Trade and Investment Cooperation
Astana, August 7, 2024 – Deputy Minister of Foreign Affairs of the Republic of Kazakhstan, Alibek Kuantyrov, participated in the Kazakh-Uzbek Business Council, aimed at establishing direct contacts and enhancing investment and trade relations between entrepreneurs of the two countries.
Speaking at the Business Council, A. Kuantyrov emphasized the importance of developing bilateral relations, highlighting that Kazakhstan and Uzbekistan possess significant potential for cooperation in sectors such as energy, industry, agriculture, water use and ecology, education, as well as transport and logistics. The Deputy Minister noted that strengthening interactions between the business communities of the two countries would lead to the creation of new jobs and stimulate economic growth in both states.
"Building on the shared history, culture, and traditions of good neighborliness, Kazakhstan and Uzbekistan continue to strengthen cooperation in all areas. Last year, the trade turnover between the countries exceeded $4 billion. In accordance with the instructions of our heads of state, measures are being taken to increase mutual trade to $10 billion," said A. Kuantyrov.
According to him, more than 2,200 legal entities with Uzbek capital are registered in Kazakhstan, and industrial cooperation includes 60 projects totaling $2.6 billion, 55 of which are in Kazakhstan and five in Uzbekistan.
During the event, state support measures for investors were discussed in detail, including exemptions from customs duties, various tax benefits, and in-kind grants. Special attention was paid to new initiatives aimed at creating a favorable investment climate. The Deputy Minister expressed confidence that the current session of the Business Council will highlight new opportunities and prospects for close cooperation between the business communities of Kazakhstan and Uzbekistan.
The council also featured negotiations between representatives of government bodies and business communities, where specific proposals for the development of cooperation were discussed.
