Under the visionary leadership of President Shavkat Mirziyoyev, Uzbekistan is forging ahead in its economic and investment collaborations with Türkiye and the Kingdom of Saudi Arabia. Recent high-profile exchanges and strategic dialogues have led to the creation of numerous initiatives and projects, totaling over $34.2 billion, designed to foster mutual economic prosperity and cooperation.
Enhanced Economic Partnerships with Türkiye
In a significant move to strengthen bilateral ties, President Mirziyoyev’s recent official visit to Türkiye marked substantial advancements. The third session of the Uzbek-Turkish Strategic Cooperation Council, along with discussions involving top business leaders from both countries, resulted in the establishment of 158 new projects worth $10.1 billion. These initiatives cover a wide range of sectors including industry, energy, mining, geology, transport, healthcare, and agriculture.
Key initiatives from these discussions include:
- Expansion of trade under the bilateral Agreement on Preferential Trade.
- Reduction of tariffs and duties on textile, leather, footwear, electrical, and handicraft products.
- Establishment of a trade mission for Uzbekistan in Istanbul.
- Development of a roadmap for mountainous area development based on Turkish expertise.
- Introduction of an agricultural insurance system.
- Creation of an Uzbek-Turkish Seed Testing Center that meets international standards.
President Mirziyoyev has directed efforts towards expanding the project portfolio with leading Turkish companies and enhancing interregional cooperation.
Expanding Investment Ventures with Saudi Arabia
Investment cooperation with Saudi Arabia is also witnessing remarkable growth, highlighted by the launch of several large-scale projects. An investment portfolio consisting of 34 projects valued at $24.1 billion has been developed in collaboration with Saudi partners.
For this year, $2.5 billion in investments is earmarked, including $1.5 billion dedicated to 13 additional projects focusing on transport, digitalization, infrastructure, healthcare, and energy.
The Uzbek-Saudi Business Council has been actively engaged, with a focus on concluding negotiations and initiating new projects valued at $6.5 billion in areas such as ecology, the mining industry, and financial collaboration.
President Mirziyoyev, after evaluating detailed reports and future strategies, has instructed relevant parties to ensure the comprehensive and high-quality development of foreign investments. The emphasis is placed on maintaining continuous dialogue with investors, creating conducive investment conditions, and systematically addressing any challenges during project implementation.
