On June 3, Ankara hosted a symposium on “Uzbek-Turkish Strategic Relations – Comprehensive Perspectives for the Future”.
Aimed to forge conceptual strategies to enhance the partnership between Uzbekistan and Turkey, the event was attended by First Deputy Minister of Investment, Industry and Trade of Uzbekistan Nozimjon Kholmuradov and officials from the Administration of the President of Turkey, heads of various ministries and agencies, as well as prominent political scientists and experts from both nations.
Presentations highlighted the impressive momentum in trade, economic, and investment cooperation between Uzbekistan and Turkey. Over the last five years, bilateral trade has surged 1.3-fold, the number of enterprises funded with Turkish capital in Uzbekistan has tripled to 1,898, and the inflow of foreign direct investment (FDI) from Turkey has increased ten-fold.
In 2023, 260 new Uzbek-Turkish ventures were established, elevating Turkey to third place in the number of joint ventures in Uzbekistan. The frequency of regular flights connecting the two countries has also grown 2.5-fold to 90 flights per week.
Initiatives by Uzbekistan to further refine its investment climate include a steady six percent annual economic growth, a nine percent reduction in inflation, the drafting of an updated “Law on Investments” in alignment with WTO standards and the deployment of an efficient management system for special economic zones (SEZs). In addition, plans are in place to trim tax rates and the number of taxes, launch an ambitious new privatization program and IPO for shares of major companies, and establish a Tashkent International Arbitration Center.
