Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan has completed US$7 billion worth of projects from a US$35 billion portfolio of commercial agreements with the United States, Minister of Investment, Industry and Trade Laziz Kudratov said in an interview with The Washington Times.
According to the minister, this represents approximately one-fifth of the agreements reached between the two countries last year. Kudratov linked the implementation of investment projects to reforms carried out in Uzbekistan since 2017.
“We agreed on a portfolio of projects worth US$35 billion. And of this US$35 billion, we have already implemented and completed projects worth US$7 billion,” Kudratov said. He added that, in his assessment, investment results and economic growth are linked to a system established under President Shavkat Mirziyoyev.
At the same time, no independent public audit has been conducted of Uzbekistan’s reported US$7 billion figure.
In July, President Shavkat Mirziyoyev signed a law establishing the Tashkent International Financial Centre. According to Kudratov, the new institution is intended to provide a “predictable environment” for international investors familiar with Western financial and government systems.
According to Uzbekistan’s National Statistics Committee, the country had more than 21,000 enterprises with foreign capital as of September. About 78% of them were fully foreign-owned. By comparison, there were just over 4,000 such enterprises in 2017.
Kudratov also said that trade turnover between Uzbekistan and the United States exceeded US$1 billion for the first time last year.
Critical minerals are another area receiving particular attention in bilateral relations. In February, Uzbekistan’s Foreign Minister Bakhtiyor Saidov signed a memorandum of understanding with the US side in this area and also registered a framework agreement on joint investment with the US International Development Finance Corporation.
The documents are political in nature and do not specify particular deposits or
