Results

UzAFI – State Investment Committee of the Republic of Uzbekistan

09/13/2021 | Press release | Distributed by Public on 09/13/2021 15:30

Uzbekistan took part in the meeting of the ministers of economy of the member states and observers of the Cooperation Council of Turkic-speaking states

Within the framework of the 10th meeting of the ministers of the economy (trade) of the member states and observers of the Cooperation Council of Turkic Speaking States (CCTS), several events were held in Baku (Azerbaijan).

The meeting of the ministers was chaired by the Secretary-General of the Turkic Council Baghdad Amreev and the Minister of Economy of Azerbaijan Mikail Jabbarov. The meeting was also attended by ministers from Kyrgyzstan, Kazakhstan, Uzbekistan, Hungary and Turkey. The delegation of Uzbekistan was represented by the First Deputy Minister of Investments and Foreign Trade A. Voitov.

Within the framework of the program of events, including the 10th meeting of the ministers of the economy (trade) of the member states and observers of the CCTS, the 12th meeting of the Working Group on the development of economic cooperation and the business forum, the possibilities of expanding economic and investment cooperation between the member states of the Council were discussed further coordinating the implementation of joint practical measures aimed at mitigating the economic consequences of the crisis caused by the coronavirus pandemic.

It was noted that the Turkic Council, created based on a common language, historical and cultural ties, is becoming an effective mechanism for regional economic cooperation.

It was announced that the Government of Uzbekistan attaches priority importance to the development of economic partnership with the member countries of the Council.

For reference: over the past three years, the volume of trade between the member countries of the Council, despite the coronavirus pandemic, has doubled and reached $ 6.7 billion in 2020, and amounted to $ 4.7 billion in the first half of this year.

Parties emphasized the significant untapped potential for the development of trade relations and bringing Uzbekistan's trade turnover with the CCTS partner countries to $ 10 billion in the coming years.

In this context, the need to further improve the regulatory framework and eliminate tariff and non-tariff barriers were noted.

The relevance of accelerating the implementation of initiatives was raised, to establish the Investment Fund and the Development Bank of the Turkic Council, which will be a breakthrough step in the transition from dialogue to practical investment and financial cooperation within the CCTS.

In addition, representatives discussed mechanisms for increasing the transport and transit potential of the region and providing access through Central Asia to the main world markets, including China, India, Pakistan and other Asian countries, as well as European countries through Azerbaijan and Turkey.

As a result of the meeting, a Memorandum was signed 'On the exchange of information and experience between various economic zones of the CCTS member states' aimed at the accelerated development of free economic and special zones in the member states of the association.

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