Foreign Trade - The Times Of Central Asia

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Kyrgyzstan Secures Pavilion in Uzbek-Afghan Border Trade Center

The Ministry of Economy and Commerce of Kyrgyzstan has acquired a trade pavilion at the Termez International Trade Center in the town of Termez, Uzbekistan, near the Afghan border. This purchase agreement was signed on November 11 between the ministry and LLC Termez International Trade Centre, the center's management company. This pavilion offers Kyrgyzstan a strategic foothold to expand its presence in the markets of Uzbekistan and Afghanistan, promoting the export of Kyrgyz agricultural and industrial goods while enabling direct interaction with Afghan business partners. The Kyrgyz government has expressed an ongoing interest in strengthening economic relations with Afghanistan. From January to August 2024, trade between the two countries reached $14 million, with Afghan exports to Kyrgyzstan accounting for $6 million of this total, as noted in a recent report. The Termez International Trade Center serves as a vital hub at the intersection of Central Asian trade routes, facilitating substantial trade flows between Uzbekistan and Afghanistan. Opened on August 29 by Uzbek Prime Minister Abdulla Aripov and the acting Afghan Deputy Prime Minister Abdul Ghani Baradar, the center features retail spaces, hotels, a medical center, and other amenities. It also supports transactions in multiple currencies, including U.S. dollars, euros, rubles, and yuan. Notably, Afghan citizens are allowed to visit and conduct trade at the Termez center for up to 15 days without requiring an Uzbek visa, enhancing accessibility for Afghan traders.

International Relations Economic Cooperation Foreign Trade International Cooperation Diplomacy South Korea Silk Road

Central Asia and South Korea Seek to Expand Cooperation

The 17th Central Asia–Republic of Korea Cooperation Forum, which took place in Seoul on November 4, addressed key areas of partnership between Central Asian countries and South Korea in sectors such as transport and logistics, energy, critical minerals, digital transformation, environmental issues, and tourism. Speaking at the forum, Kazakhstan’s Minister of Foreign Affairs, Murat Nurtleu, emphasized the importance of transport connectivity for the region’s sustainable economic growth. Kazakhstan is developing the Trans-Caspian International Transport Route to ensure safe and efficient cargo transportation from Asia to Europe. The Kazakh minister invited Korean companies to participate in major projects to expand the route’s capacity to 10 million tons of cargo annually. Addressing energy cooperation, Nurtleu highlighted Kazakhstan’s abundant natural resources, including rare earth metals and uranium. The Kazakh Foreign Minister expressed hope that Korean companies would join projects for resource extraction and processing and participate in a consortium to construct a nuclear power plant in Kazakhstan. Nurtleu stated, "Central Asian countries and the Republic of Korea are natural partners connected by a shared history, Altai heritage, and traditional trade relations dating back to the Silk Road era. The Republic of Korea is increasingly vital in the economic and technological development of the entire Central Asian region.” At the forum, Kyrgyzstan’s First Deputy Minister of Foreign Affairs, Asein Isaev, highlighted the growing role of South Korea as a high-tech nation interested in strengthening supply chains for energy resources and rare earth metals and developing transport and logistics routes with Kyrgyzstan and other Central Asian countries. As part of the forum, South Korea's President Yoon Suk Yeol met with the heads of Central Asian delegations and pointed out Korea’s interest in strengthening relations with Central Asian countries through the K-Silk Road initiative. This strategic program supports Korean infrastructure development in Central Asia in exchange for improved access to the region’s raw materials and critical minerals. During his visit to Kazakhstan in June, Yoon Suk Yeol emphasized the importance of strengthening the strategic partnership between Kazakhstan and South Korea to supply critical minerals.

Bilateral Cooperation Foreign Trade International Cooperation Privatization

Kuwaiti Companies Invited to Participate in Privatization of State-Owned Companies in Uzbekistan

At a business forum dedicated to strengthening ties between Uzbekistan and Kuwait, in Tashkent on October 16, Deputy Minister of Investment, Industry, and Trade of Uzbekistan Akram Aliyev noted the importance of partnership with Kuwaiti businessmen, especially in healthcare, agriculture, and tourism. The forum focused on prospects for joint projects mining, energy, textile industry, and logistics. Proposals were also mooted for Kuwaiti investors to participate in the privatization program of over 1,000 state-owned companies in Uzbekistan and improve logistics infrastructure to turn Central Asia into an international trade hub. Over recent years, there have been several developments in cooperation between Uzbekistan and Kuwait. At an investment and trade forum hosted by Kuwait in August and attended by business and ministry representatives from both countries, Uzbek Foreign Minister Bakhtiyor Saidov encouraged Kuwaiti investors to explore prospects for partnership in agriculture, light industry, medical products, and renewable energy. The foreign ministers then met again, in New York in September 2024, to discuss further steps to strengthen bilateral cooperation, including the establishment of joint trade committees and new initiatives in logistics and infrastructure.

Afghanistan Bilateral Trade Foreign Trade Economic Cooperation Foreign Policy

Afghan Businesses to Hold Exhibition in Almaty

An exhibition of Afghan businesses is scheduled to open in Almaty as part of the Kazakhstan-Afghanistan Business Forum, Orda.kz reports. Afghanistan's Ministry of Industry and Trade originally planned to hold the event at the end of August, but the dates were pushed back by two months. The forum, organized by Kazakhstan's Ministry of Commerce, will now be held on October 22 and will be a meeting place for more than 250 Afghan entrepreneurs representing various sectors of the economy. This event continues the regular tradition of Kazakh-Afghan business forums. The last forums were held in August 2023 in Astana, and in Afghanistan in April this year. In December 2023, Kazakhstan removed the Taliban from the list of banned organizations, following UN Security Council resolutions. The decision was part of a broader strategy to strengthen economic and trade ties with Afghanistan, which has become an important partner for Central Asia since the Taliban came to power in 2021. Economic relations between Kazakhstan and Afghanistan continue to develop and are expected to grow to $3 billion through active participation in business forums and the signing of agricultural supply agreements.

China Bilateral Trade Foreign Trade International trade

Kyrgyz-Chinese Trade Center Opened in Xi’an

On September 21, a Kyrgyz-Chinese Center for Trade and Economic Cooperation was opened in Xi'an in China’s Shaanxi Province. The new center, which occupies an area of 1,000 square meters, will hold exhibitions of products manufactured in Kyrgyzstan, provide information about the country, and organize meetings between Kyrgyz and Chinese entrepreneurs. On the same day, a 200-square-meter trade pavilion of Kyrgyzstan opened in downtown Xi'an. The pavilion will permanently display Kyrgyz products sold offline and online through applications such as Douyin, WeChat, and Pingduoduo. The Xi'an municipality provided Kyrgyzstan with a total area of 1,200 square meters free of charge for three years. "The trade center and pavilion will become an incentive for the development of trade turnover between the two countries, where Chinese consumers will be able to get acquainted with the products of Kyrgyzstan," Deputy Chairman of the Kyrgyz Cabinet of Ministers Bakyt Torobaev said at the opening ceremony of the center. Xi'an also hosted a business forum attended by representatives of more than 200 companies from Kyrgyzstan and Shaanxi Province. During the forum, representatives of government agencies in Kyrgyzstan and China and entrepreneurs discussed investment opportunities in sectors such as industry, tourism, transport, and agriculture. In 2023, trade turnover between China and Kyrgyzstan amounted to $20 billion, a 32% increase compared to 2022. Bilateral trade reached almost $11 billion from January to July this year.

Russia China Export/Import Economy Foreign Trade CIS Foreign trade turnover

Uzbekistan Releases Foreign Trade Data For 2024 So Far

The Statistics Agency of Uzbekistan has presented a report on the country’s foreign trade turnover in January-July 2024. According to the report, during this period, the country's foreign trade turnover (FTT) reached $36.8 billion and increased by $1.9 billion, or 5.3%, compared to January 2023. The volume of exports amounted to $14,786 million, which decreased by 1.1% compared to last year; imports increased by 10.1% and amounted to $22,049 million. Kazakhstan became one of Uzbekistan's largest foreign economic partners after China and Russia during this period. This may be due to a common border, trade in the CIS free trade area, and the recent liberalization of mutual economic relations. Uzbekistan has trade relations with 187 countries worldwide. A significant share of FTT was recorded in the PRC (18.6%), Russia (18.5%), Kazakhstan (6.2%), Turkey (4.6%), and South Korea (3.2%). From January to July 2024, the share of the CIS countries in the foreign trade turnover was 35.3%, which increased by 3.1% compared to the corresponding period of 2023. The total cost of FTT with these countries was $13,020.8 million. Exports reached $4,940.3 million, while imports amounted to $8,080.5 million. Uzbekistan's FTT with the Eurasian Economic Union member states amounted to $9,913.1 million. The export volume reached $3,230.5 million, and the import volume reached $6,682.5 million.