Tashkent, Uzbekistan (UzDaily.com) – On 28 June, the opening meeting of the Coordination Council for the development of multilateral cooperation between the Republic of Uzbekistan and the Republic of Turkey was held in Tashkent.

The meeting, chaired by Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov and Vice President of the Republic of Turkey Fuat Oktay, was attended by the heads of leading Turkish companies carrying out investment activities in Uzbekistan, as well as ministries, departments and branch associations of the republic.

During the meeting, it was noted that as a result of the exchange of visits at the highest level, cooperation between Uzbekistan and Turkey over the past 4 years has been brought to the level of strategic partnership and is currently developing with high dynamics.

Intensive contacts both at the government level and between the private sector contributed to a significant expansion of trade and economic relations between the two countries. Thus, the number of enterprises with Turkish capital in Uzbekistan has tripled over the past four years and now stands at more than 1,700. This allowed Turkey to take a leading position among foreign countries in terms of the number of new joint ventures opened in January-May of this year.

As it was emphasized at the meeting of the Coordinating Council, the Head of State and the Government of Uzbekistan pay great attention to the sustainable development of market principles of the economy and the formation of the most favorable business environment for foreign investors, which, combined with a favorable geographical position, an extensive resource base, capacious domestic and foreign markets, makes Uzbekistan is one of the most attractive states for investments in the region.

Speaking to the meeting participants, the heads of the delegations of the two countries emphasized the presence of significant potential for the development of industrial cooperation based on the competitive advantages and complementarity of the economies of Uzbekistan and Turkey. They called on representatives of Turkish business to actively use the potential of the sectors of the Uzbek economy and strengthen business ties with Uzbek entrepreneurs, implementing new large-scale projects.

During the event, the parties also expressed mutual interest in the development of investment cooperation, the creation of high-tech industries that ensure the production of export-oriented products with high added value.

Turkish businessmen who spoke at the meeting shared their experience of doing business in Uzbekistan, plans for the future, and also voiced the existing questions.

As a result of the meeting, specific proposals were developed to stimulate the investment activity of Turkish business in Uzbekistan by further improving the investment climate and legislation in the field of tax and customs regulation.

The Coordination Council was created as a platform to promote Uzbek-Turkish relations in trade, economic and investment spheres and to support the activities of Turkish investors in Uzbekistan. Its chairman is Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov. 

The main tasks of the Council are to establish a direct dialogue between Turkish entrepreneurs and investors with the state bodies of Uzbekistan, discuss investment proposals, a comprehensive analysis of existing problems and ways to solve them, as well as develop measures to further deepen economic reforms in the country. It is expected that the Board meetings will be held on a quarterly basis.