Tashkent, Uzbekistan (UzDaily.com) -- On 21 December, the Uzbek-Kazakh business forum was held in Tashkent, which was attended by heads of key ministries, departments, industry associations, chambers of commerce and industry, holding companies and more than 400 representatives of the business community two countries.

During the opening ceremony, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev and Deputy Prime Minister - Minister of Trade and Integration of the Republic of Kazakhstan Serik Jumangarin spoke. The heads of delegations stressed the positive dynamics of strengthening the multifaceted cooperation between the two countries and noted the role of active interaction between business circles in this context.

The attention of the participants was focused on the dynamics of the growth of mutual trade, which in recent years has more than doubled, approaching the mark of US$5 billion. Systematic measures are being taken to increase this figure to US$10 billion, for which an appropriate foreign trade infrastructure will be created in the near future.

Dynamic growth is also observed in the sphere of investment cooperation and industrial cooperation. Over the past 5 years, the number of enterprises with the participation of Kazakh capital has increased 5 times and today is almost 1,200 units. In addition, more than 30 joint projects worth more than US$3 billion are currently being implemented.

In the context of the further development of trade and economic cooperation based on the wide use of untapped reserves and opportunities, the importance of expanding direct interregional ties in a whole range of areas, holding reciprocal industrial and agricultural potential fairs in the regions of Uzbekistan and Kazakhstan, implementing joint projects in the automotive industry, electronics and electrical engineering, energy, pharmaceuticals, chemical and textile industries, production of building materials.

“It is of particular importance to unite efforts to create high-tech industries based on our comparative advantages, to develop industrial cooperation for the production of products with high added value in order to further joint development of international markets,” Jamshid Khodjaev said in his welcoming speech. – We have a huge potential for a multiple increase in joint mutually beneficial projects. To do this, we already have everything we need – industrial, technological, human and natural resources. I am sure that with coordinated, diligent joint work, we will be able to bring the Uzbek-Kazakh partnership to a qualitatively new level,” he added.

“Uzbekistan is a key and long-term partner for us in Central Asia. The developing trade between the countries has become the locomotive of our friendly relations. Kazakhstan attaches great importance to the development of cooperation on the Central Asian track. The holding of the forum is another proof of the importance of developing regional cooperation and building Central Asian brands on the world market,” Serik Jumangarin said in his speech.

During the forum, the heads of ministries, departments, industry associations and regional administrations, as well as representatives of the business circles of both states, made presentations in which the potential for cooperation was revealed in detail and ready-made promising projects for joint implementation were presented. Financial and technical aspects of interaction and mechanisms of state support in the implementation of joint projects were already discussed during the "B2B" and "G2B" negotiations.

At the end of the events, the heads of delegations expressed their commitment to further strengthening trade, economic and investment cooperation between Uzbekistan and Kazakhstan, establishing strong business contacts and providing comprehensive support to entrepreneurs in the implementation of joint projects and initiatives.

As a result of the forum, an Agreement was signed on the development of cooperation in trade, economic, cultural and humanitarian spheres between the cities of Samarkand and Turkestan, a separate "Road Map" with specific investment projects and trade contracts in the field of agriculture, as well as a solid package of agreements that consolidated specific plans development of interaction between business circles of Uzbekistan and Kazakhstan for a total amount of more than US$3 billion.