Tashkent, Uzbekistan (UzDaily.com) -- On 11 March 2021, within the framework of the state visit of the President of the Kyrgyz Republic to the Republic of Uzbekistan in Tashkent, on the territory of the Yashnabad technopark, the Uzbek-Kyrgyz business forum and the first meeting of the Business Council between the Republic of Uzbekistan and the Kyrgyz Republic.

The events were attended by the heads of key ministries and departments, as well as representatives of the business communities of the two countries. The Kyrgyz delegation was headed by Vice Prime Minister - Minister of Economy and Finance U. Karmyshakov, and the Uzbek delegation - by Deputy Prime Minister - Minister of Investments and Foreign Trade S. Umurzakov.

Speaking during the opening ceremony of the forum, the heads of the delegations of the two countries noted the rapid development of relations between Uzbekistan and Kyrgyzstan, thanks to which today large projects in priority areas of the economy are being implemented and developed on a joint basis. In particular, the two-fold increase in the number of joint Uzbek-Kyrgyz enterprises observed in recent years, a five-fold increase in trade turnover and, in particular, a 10 percent increase in the volume of mutual trade recorded in 2020, despite the negative consequences of the pandemic, were emphasized.

The readiness of the governments of the two countries was voiced to establish a close permanent dialogue, which will allow to promptly solve all arising problems of bilateral interaction and consistently improve the conditions for rapprochement and mutually beneficial cooperation of the business communities of the two countries. A commitment was also expressed to further strengthen trade and economic cooperation and the development of industrial cooperation between enterprises of Uzbekistan and Kyrgyzstan by providing comprehensive assistance in establishing direct business contacts and successful implementation of joint projects.

In this context, the parties welcomed the creation of the Business Council as a reliable platform for establishing long-term contacts between representatives of private business of the two countries, creating favorable conditions for Uzbek-Kyrgyz business cooperation, as well as supporting and promoting joint projects.

During the business forum, the heads of the Chambers of Commerce and Industry of the two countries, as well as relevant ministries, departments and representatives of the private sector also made speeches. After the official part, a session of bilateral meetings in the B2B format took place, during which entrepreneurs of the two countries were able to discuss prospects for cooperation and specific project proposals.

The existing potential for the development of cooperation in promising industries - agriculture, the production of mineral and organic fertilizers, the production of building materials, the textile leather and footwear industry, the silk industry, tourism and logistics - was disclosed in detail. Also, the participants of the business forum were informed in detail about the conditions created in both countries to attract and support foreign direct investment, measures taken to privatize state assets and transform enterprises with state participation, as well as about the functioning mechanisms for protecting the rights of investors, stimulating exports and improving the conditions for doing business. business.

“We have to bring our turnover to one billion and then to two billion dollars. I think this is a possible task," Umurzakov noted.

Participants had the opportunity to comprehensively familiarize themselves with the conditions created in a particular sector for conducting investment and foreign trade activities in Uzbekistan and Kyrgyzstan, discuss common interests and prospects for cooperation and consider specific project proposals for further joint development.

Following the forum, a number of trade contracts and agreements on the implementation of joint investment projects were signed between Uzbek and Kyrgyz entrepreneurs.

According to the Kyrgyz side, during the business forum, the parties signed a number of investment and trade contracts aimed at expanding bilateral cooperation for a total of US$127.6 million.

In addition, during the state visit of the President of the Kyrgyz Republic S.N. Japarov to the Republic of Uzbekistan (on 11-12 March 2021), it is planned to sign the Roadmap for expanding and deepening cooperation between the Republic of Uzbekistan and the Kyrgyz Republic in the field of industrial cooperation, providing for the implementation of 60 projects worth US$550.4 million.