Uzbekistan and Turkey Aim to Increase Bilateral Trade to $5 Billion

Over the past five years, trade turnover between Uzbekistan and Turkey has grown 1.5-fold, and the leaders of the two countries have set the task of increasing bilateral trade up to $5 billion. This was stated during an Uzbek–Turkish business forum held in Ankara earlier this week, the Uzbek Ministry of Economy and Finance reported.

The event gathered together around 300 representatives of the business community from both countries and was attended by Vice President of Turkey, Cevdet Yilmaz, President of the Association of Chambers and Commodity Exchanges of Turkey, Rifat Hisarciklioglu, President of the Council for Foreign Economic Relations, Nail Olpak, and Deputy Prime Minister–Minister of Economy and Finance of Uzbekistan, Jamshid Kuchkarov.

Speaking at the forum, Turkish Vice President Yilmaz said that Turkish-Uzbek trade reached $3.5 billion in 2022, and Turkish investments in Uzbekistan amounted to $1.5 billion, Turkish media reported.

At the forum, the Uzbek side, represented by the Ministry of Mining and Geology, the Agency for State Asset Management, the Ministry of Health, and the Chamber of Commerce and Industry, held presentations about opportunities created in Uzbekistan for foreign entrepreneurs, the Uzbek ministry said.

The forum participants agreed that among the promising areas for cooperation between the two countries were pharmaceuticals, the leather and shoe industry, the jewelry industry, and the production of building materials, furniture and glass products. Today, approximately 1,800 enterprises with the participation of Turkish capital are operating in Uzbekistan.

On the same day, the 7th meeting of the Uzbekistan-Turkey Intergovernmental Commission was held in Ankara, co-chaired by Uzbekistan’s Deputy Prime Minister–Minister of Economy and Finance, Jamshid Kuchkarov, and Turkey’s Vice President, Cevdet Yilmaz.

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