Uzbekistan and Russia Aim to Increase Mutual Trade to US$15 Billion in 2026

Tashkent, Uzbekistan (UzDaily.com) — A Tashkent–Moscow video conference was held at the Sputnik Uzbekistan multimedia press center, dedicated to the outcomes of the intergovernmental commission on economic cooperation between Uzbekistan and Russia.

Participants included Ervin Turgunov, Head of the Department for Attracting Investments from Russia and CIS Countries at the Ministry of Investments, Industry, and Trade of Uzbekistan (Tashkent), and Elena Kuzmina, Head of the Sector at the Center for Post-Soviet Studies, IMEMO RAS (Moscow).

Growth of Trade and Export Deliveries

According to Ervin Turgunov, Uzbekistan plans to increase the volume of mutual trade with Russia to US$15 billion in 2026, while the expected figure for the current year is about US$12 billion.

"Next year, our task is to ensure growth of at least 20% to reach US$15 billion," he noted.

Annual growth of mutual trade by no less than 20% was listed among the key agreements reached at the intergovernmental commission.

The strategic goal is to increase bilateral trade turnover to US$30 billion by 2030.

Uzbekistan also plans to significantly expand its exports to Russia, including:

Textile products — up to US$2 billion;

Agricultural products — up to US$1.1 billion;

Electrical engineering products — up to US$300 million.

Investment Cooperation and New Projects

The annual volume of investment from Russia is expected to be no less than US$5 billion, emphasized the ministry representative.

The combined investment portfolio of the two countries currently includes around 360 projects totaling over US$55 billion. Turgunov noted that the parties agreed to actively scale up the portfolio, launch new initiatives, and expand cooperation.

Engineering Center “Central Asia — Russia”

Special attention was given to the creation of an industrial engineering center, “Central Asia — Russia,” which is planned to be located in Bukhara. This initiative was previously announced by President Shavkat Mirziyoyev at the “Central Asia — Russia” summit on October 9 in Dushanbe.

Turgunov reported that the concept of the center has already been prepared, the location has been determined, and a working group has been formed, including representatives from all five Central Asian countries and Russia.

The future center’s infrastructure will include an engineering and technical bureau and laboratories for mechanical, diagnostic, and metrological testing. It is expected that new technologies and projects will be developed on site for subsequent implementation and scaling across the region.