As reported earlier, Fergana city hosted a meeting between the Uzbek Deputy PM/Minister of Investments and Foreign Trade S. Umurzakov with the Kyrgyz Acting Prime Minister A. Novikov.
The parties noted the upward trends in the two-way trade over the past three years, with the volume of Uzbek-Kyrgyz trade turnover increasing by more than 5 times. Taking into account the current level of interconnectivity and the potential of the economies of the two countries, the parties expressed their readiness to elevate the volume of mutual trade to US$ 1 billion in the near future, the Ministry said.
In this context, the prospects of creating border trade areas, as well as wholesale distribution and agrological centers in the border regions, were noted, which will increase the supply of Uzbek and Kyrgyz products to promising markets and diversify the structure of trade.
The parties also expressed interest in expanding industrial cooperation, in particular, noting the high potential for the implementation of joint projects for processing of fruits and vegetables, production of agricultural machinery, textile products, building materials and pharmaceuticals.
In this regard, an agreement was reached to the joint development of a Plan of Measures (Road Map) to expand and deepen cooperation between Uzbekistan and the Kyrgyz Republic in the field of industrial cooperation, which includes projects and specific practical measures to eliminate existing barriers in the field of trade, transport and mutual investment.
