Uzbek-Afghan business deals exceed US$5 billion

Tashkent, Uzbekistan (UzDaily.com) — The Afghanistan Chamber of Commerce and Investment (ACCI) said Uzbekistan’s private sector has signed trade agreements and memorandums of understanding with Afghanistan worth more than US$5 billion over the past eight months. The announcement was reported by TOLONews.

According to ACCI, the agreements cover a wide range of sectors, including fresh and dried fruits, precious and semi-precious stones, coal, cement, carpets, cotton, raw materials, food products and pharmaceuticals.

The chamber noted that a large number of trade delegations traveled between Kabul and Tashkent during the period. The talks mainly focused on expanding trade ties and economic cooperation between the two countries.

Mohammad Wali Amini, head of ACCI’s executive board, said bilateral trade turnover had increased significantly as a result of ongoing programs.

According to him, trade volume previously stood at around US$400 million–500 million, but has now risen to more than US$1.5 billion and could reach nearly US$5 billion within the next one to two years.

It was also reported that several Uzbek entrepreneurs had expressed readiness to invest in Afghanistan’s textile industry, garment production and cotton cultivation.

According to ACCI, business representatives said they were prepared to invest provided that affordable electricity and government support become available, including support for industrial sector investments.

One Uzbek entrepreneur said he planned to invest between US$10 million and US$15 million over the next one to two years and build a spinning factory if the necessary conditions are created.

Other entrepreneurs also expressed intentions to expand textile exports to Afghanistan.

In the longer term, Kabul and Tashkent aim to increase bilateral trade turnover to as much as US$5 billion within the next five years, the report said.