Uzbekistan plans to disburse $5 billion in investment from Russia in 2024. On May 10, President Shavkat Mirziyoyev got acquainted with the progress of implementation of the agreements and further plans for investment cooperation with foreign partners.

The Innoprom. Central Asia international industrial exhibition took place on April 22−24, with a package of $4 billion worth of deals were inked at the event.

In 2023, the two-way trade between the countries reached $10 billion. Shavkat Mirziyoyev set the goal of doubling this volume by 2030.

There are over 3,000 joint ventures with the Russian investment in Uzbekistan. In 2023, more than 700 new enterprises were set up. Last year, about $3 billion of Russian investments were disbursed; this year, $5 billion is expected to be disbursed.

“Today the portfolio of joint projects with Russia has surpassed $44 billion. While, this year alone the task has been set to ensure the absorption of at least $5 billion of Russian investments. This goal is absolutely doable. Specific plans, network diagrams, road maps have been prepared in all areas, in all sectors and provinces,” said Laziz Kudratov, Minister of Investment, Industry and Trade told the Uzbekistan 24 TV channel.

According to him, the president instructed to “provide a non-standard approach, introduce non-standard mechanisms” in order to implement these projects in a timely and effective manner.

“All the necessary units of not only ministries and departments, but also the government, the Cabinet of Ministers, and the Prosecutor General’s Office will be connected. And this approach, a non-standard approach, targeted work with every Russian investor, with every partner will definitely give results,” he said.

On May 2-3, the Tashkent International Investment Forum took place with the participation of more than 2.5 thousand delegates from 93 countries. As a result of business events within the forum, a solid package of investment agreements and export contracts worth $26.6 billion was signed.

These include major construction, green energy, mining, infrastructure development, chemical, food, textile and healthcare projects.

The head of state noted the need to ensure strict oversight over the timely and full-scale implementation of each item of the road maps, constant dialogue and interaction with investors, creating the most favorable conditions for them and systematically resolving emerging issues during the implementation of projects.