On 27 May 2024 in Tashkent, President of Uzbekistan Shavkat Mirziyoyev and President of Russia Vladimir Putin chaired the first meeting of the Council of Regions of Uzbekistan and Russia. The forum became part of Putin’s three-day state visit to Uzbekistan.
“Currently, over 200 joint projects worth $4 billion are being implemented at the regional level. A new package of agreements worth more than $5 billion has been prepared within the framework of the Council meeting,” President Mirziyoyev said, addressing the forum.
To date, 78 of the 89 constituent entities of the Russian Federation have established partnerships with Uzbekistan regions. Among the main partners of Uzbekistan are the cities of Moscow and St. Petersburg, Tatarstan, Moscow, Leningrad, Novosibirsk, Astrakhan, Ivanovo, Chelyabinsk regions, Krasnoyarsk, Perm Krai, Bashkortostan and many others.
The total portfolio of joint projects between Uzbekistan and Russia already exceeds $45 billion. “Within the framework of the current summit, agreements were reached on new cooperation projects worth $ 20 billion, a quarter of which falls on the regions,” Mirziyoyev stressed.
New projects include high-tech polymer production in Khorezm region, a metallurgical plant in Karakalpakstan, a gas processing complex in Kashkadarya region, industrial parks in Bukhara and Navoi regions. There are also plans to create new joint industrial zones.
In addition, Uzbekistan and Russia have set a new ambitious goal – to triple the volume of trade in the coming years and bring it to $ 30 billion (in 2023, trade increased to almost $ 10 billion). Uzbekistan anticipates attracting up to $10 billion in Russian investments the next year.
More than 3,000 Russian companies are operating in Uzbekistan – this is one in five companies with foreign capital. A full-fledged trade representative office of Uzbekistan in Russia will be opened to support trade and cooperation projects.
Additionally, the Council meeting announced the creation of a joint investment platform. This platform will boast an initial capital of $500 million, with Russia contributing a major portion of $400 million. These funds will be used to invest in various sectors of the economy.
The meeting was attended by about 30 Russian regions, 14 Uzbekistan’s regional governors, heads of ministries, departments, legislators, 300 representatives of leading industrial enterprises and businesses, representatives of academic community. ///nCa, 28 May 2024