Kazakhstan Participated in III Tashkent International Investment Forum

Kazakhstan Participated in III Tashkent International Investment Forum

Tashkent, May 2, 2024 – Significant steps towards expanding relations between Kazakhstan and Uzbekistan were made within the framework of the III Tashkent International Investment Forum, where the prospects for the development of the Central Asian region were touched upon, and the launch of the Trade Connect Central Asia+ project took place. Deputy Minister of Foreign Affairs of the Republic of Kazakhstan Nazira Nurbayeva spoke at the event.

Kazakhstan and Uzbekistan, relying on the common history, culture and traditions of good neighborliness, continue to strengthen cooperation in all areas. Last year, the trade turnover between the two countries reached more than 4 billion US dollars. On behalf of the heads of state of the two countries, measures are being taken to increase the volume of mutual trade to $ 10 billion.

In recent years, significant progress has been made in the field of industrial cooperation, which is the driver of cooperation between countries. Currently, work is underway in this area on 60 projects totaling 2.6 billion US dollars, of which 55 projects are in Kazakhstan and 5 projects in Uzbekistan.

11 joint projects worth $144 million have been successfully implemented in the Republic of Kazakhstan's territory. Three joint projects worth $181 million are being implemented. At the same time, 46 projects worth about $2.3 billion are being worked out jointly.

"We have huge opportunities for further development and expansion of cooperation in many priority sectors. Therefore, we propose to work together on projects in energy, industry, transport, agriculture, water use and ecology, and education," N. Nurbayeva noted.

The Deputy Minister also noted the great potential for expanding regional cooperation. In this regard, the most crucial step is the early implementation of the International Center for Industrial Cooperation's project "Central Asia," which will become an example of practical industrial cooperation and a key platform for the actively developing Central Asian economic corridor "North-South."

The forum also hosted the launch of the International Islamic Trade Finance Corporation's "Trade Connect Central Asia+" (TCCA+) project. The project aims to achieve inclusive economic growth and regional economic cooperation and develop trade between Central Asia, Azerbaijan, and other countries.

The TCCA+ program will help improve production, facilitate regional trade by reducing the time and cost of crossing borders, increase regional business interaction, and enhance regional competitiveness by reforming trade policies and improving the efficiency of trade support institutions between member countries.

Source: Ministry of Foreign Affairs of the Republic of Kazakhstan

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