Kazakhstan and Uzbekistan have set an ambitious goal to enhance their bilateral trade to $10 billion, reflecting their commitment to deepen economic ties. This objective was emphasized by the Deputy Prime Minister of Kazakhstan, Serik Zhumangarin, during the Kazakhstan-Uzbekistan business forum held on August 7 in Astana.
Kazakhstan-Uzbekistan trade
Zhumangarin highlighted the significant role Uzbekistan plays in Kazakhstan’s trade landscape, stating, “Uzbekistan is one of the biggest trade partners of Kazakhstan, holding the 7th place in 2023. More than 57% of trade with Central Asian states accounts for Uzbekistan. The bilateral trade grew by 29% over the past 5 years, reaching the $5 billion milestone in 2022.” He further stressed the need for systematic solutions and exploration of new growth opportunities in order to achieve the $10 billion trade target set by the heads of state in the medium term.
The forum, attended by over 450 representatives from national companies and government agencies from both countries, served as a platform to discuss various strategies and projects that could foster this growth. Deputy Prime Minister of Uzbekistan, Jamshid Hojaev, underscored the importance of such events, stating that they provide a strong impetus to strengthening bilateral cooperation. He noted, “Kazakhstan is one of the main economic partners of Uzbekistan.”
The collaboration between the two nations is already robust, with 69 joint projects valued at $3.1 billion currently underway. These projects have created over 14,700 jobs, contributing to the economic stability and growth of both countries. Among these initiatives, 12 joint ventures worth $217 million have been successfully completed, including the production of home appliances, cargo and light vehicles, and tractors. Additionally, three major investment projects worth $178 million are in progress. These include the construction of a steel factory in Taraz and the production of infusion solutions in Shymkent.
Agriculture is another key area of cooperation, with Uzbekistan being the primary supplier of vegetables and fruits to Kazakhstan. This sector plays a vital role in ensuring food security and supporting the agricultural economies of both nations.
The business forum highlighted the need for ongoing dialogue and collaboration to overcome existing trade barriers and to explore new avenues for growth. Both Kazakhstan and Uzbekistan are keen to leverage their geographical and economic strengths to achieve the ambitious $10 billion trade goal. The success of their joint projects and the continued expansion of trade relations are expected to play a crucial role in reaching this target.
As Kazakhstan and Uzbekistan continue to build on their strong economic partnership, the focus will be on innovation, infrastructure development, and diversification of trade to ensure sustained growth and mutual prosperity. The collaborative spirit demonstrated at the business forum is a positive indicator of the future trajectory of Kazakhstan-Uzbekistan trade relations.