Ministry of Investment, Industry and Trade of the Republic of Uzbekistan

On June 3 of this year, Nozimjon Kholmuradov, First Deputy Minister of Investment, Industry, and Trade of the Republic of Uzbekistan, took part in the "Uzbek-Turkish Strategic Relations – Comprehensive Perspectives for the Future" symposium, which was convened in the capital of the Republic of Türkiye. 
 
This significant gathering brought together officials from the Administration of the President of Türkiye, leaders of various ministries and agencies, as well as prominent political scientists and experts from both nations at the National Library of Türkiye. Their aim was to engage in dialogue and forge conceptual strategies to enhance the strategic partnership between Uzbekistan and Türkiye. 
 
The speakers highlighted the impressive momentum in the bilateral trade, economic, and investment cooperation between Uzbekistan and Türkiye. Notably, in the last five years, the mutual trade volume between the two countries has surged by 1.3 times, the count of enterprises with Turkish capital in Uzbekistan has tripled to 1,898, and the inflow of foreign direct investment (FDI) from Türkiye has seen a tenfold increase. 
 
Investment collaboration is advancing with confidence—over the previous year, 260 new joint Uzbek-Turkish ventures were established, elevating Türkiye to the third rank in terms of the number of joint ventures in Uzbekistan, compared to other partners. Moreover, the frequency of regular flights connecting the two countries has escalated by 2.5 times, now totaling 90 flights per week. 
 
Concurrently, Uzbekistan's effective initiatives to further refine its investment climate were underscored. These include a steady six percent annual economic growth, a nine percent reduction in inflation, the crafting of a new version of the "Law on Investments" in alignment with WTO standards, the deployment of an efficient management system for special economic zones (SEZs), the trimming of tax rates and the number of taxes, the launch of an ambitious new privatization program and IPO for shares of major companies, and the establishment of the Tashkent International Arbitration Center, among other developments. 
 
The Uzbek delegation reaffirmed the nation's unwavering dedication to fortifying its comprehensive ties with Turkish governmental, investment, and industrial sectors. Participants of the meeting were encouraged to engage in fruitful endeavors, with a pledge of full support for the realization of new initiatives and projects. 
 
Throughout the event, the Turkish delegation lauded the transformative reforms undertaken in Uzbekistan, offering expert insights and specific recommendations to foster cooperation in trade, investment, and industrial collaboration. These suggestions were predicated on the harmonious integration of Turkish expertise and technology with the skilled workforce, resource potential, and the favorable investment environment of Uzbekistan. 
 
All the proposals articulated at the conclusion of the symposium were taken on board for further collaborative refinement and execution.