In a strategic meeting led by the President, crucial plans were unveiled to bolster trade and economic alliances, signaling a promising future for foreign investors.
Expanding Horizons with Turkey
The agenda includes broadening the product range under the bilateral Preferential Trade Agreement, significantly reducing tariffs and duties on textiles, leather, footwear, electronics, and handicrafts. Furthermore, an Uzbek trade mission is set to open in Istanbul, paving the way for enhanced bilateral trade relations.
Plans are underway to craft a roadmap for mountainous region development, inspired by Turkish methodologies, alongside the introduction of an agricultural insurance system. Additionally, an Uzbek-Turkish Seed Testing Center, adhering to international standards, is on the horizon.
Investment Synergy with Saudi Arabia
Saudi Arabia emerges as a pivotal partner in investment cooperation, with large-scale projects already in motion and a growing investment portfolio. Together with Saudi entities, 34 investment initiatives valued at a staggering $24.1 billion have been identified.
This year alone, an infusion of $2.5 billion is anticipated, earmarked for 13 additional projects spanning transport, digital transformation, infrastructure, healthcare, and energy sectors, with $1.5 billion allocated specifically for these ventures.
Strengthening the Uzbek-Saudi Business Council
The meeting underscored the need to invigorate the Uzbek-Saudi Business Council’s efforts. A priority is placed on concluding negotiations and launching new, promising projects in ecology, mining, and financial cooperation. These initiatives, valued at $6.5 billion, promise substantial mutual benefits.
The President emphasized the critical role of responsible parties in ensuring the comprehensive and high-quality development of foreign investments, mandating stringent oversight over project execution to secure successful outcomes.
