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

On June 16, as part of the 5th Tashkent International Investment Forum coordinated by the Ministry of Investments, Industry and Trade of the Republic of Uzbekistan, the Türkiye–Uzbekistan Business Forum was held to further advance trade, economic, and investment cooperation between Uzbekistan and Türkiye.

The forum was opened with welcoming remarks by the Deputy Prime Minister of the Republic of Uzbekistan and Minister of Economy and Finance Jamshid Kuchkarov. During his speech, Jamshid Kuchkarov stated that the Turkish side has shown significant interest in participating in the development and management processes of the Imam Bukhari Memorial Complex located near the city of Samarkand.

“In order to establish more systematic cooperation in the social sphere, we are developing practical mechanisms for the organised employment of Uzbek specialists in vacant positions within sectors of the Turkish economy experiencing demand for foreign labour,” said the Minister of Economy and Finance.

Today, more than 2,000 enterprises with Turkish capital participation operate in Uzbekistan, placing Türkiye among the leading foreign investors in the country. It was also noted that Türkiye possesses extensive experience in the agricultural sector. For this reason, Jamshid Kuchkarov called on Turkish companies to cooperate with Uzbekistan in this field.

Following this, Minister of Trade of Türkiye Ömer Bolat addressed the participants, expressing gratitude for the invitation to the business forum and noting that the agreements and new partnerships to be established within the framework of the forum would be beneficial for the economies of both countries.

As planned, the Türkiye–Uzbekistan Business Forum continued with a panel session moderated by Özgür Onur Özgüven.

Termel Kotil, Chief Executive Officer of Çalık Enerji, noted that Uzbekistan’s international ratings have been improving in recent years and stressed that this process would make a significant contribution to the country’s economic development. “An upgrade in Uzbekistan’s ratings means an inflow of investment into the country,” the Turkish representative stated.

Ezel Ağaoğlu, Advisor for Uzbekistan at Anadolu Group, noted that Uzbekistan has a strong domestic market and expressed his expectation that the country will become an industrial hub in the future.

In 2021, the Turkish company acquired a 57 percent stake in Coca-Cola Uzbekistan for USD 252 million. According to Ağaoğlu, the remaining 43 percent stake in Coca-Cola Uzbekistan was subsequently acquired, and Anadolu Group currently owns 100 percent of the company’s shares in Uzbekistan.

Ezel Ağaoğlu also stated that Anadolu Group plans to create an ecosystem in Uzbekistan in the future. According to him, the company aims to achieve a high level of localisation, develop local production and supply chains, and make a long-term contribution to the country’s economy.

In addition, the session was attended by Valijon Salihov, Founder and Chief Executive Officer of Ermak, Volkan Güldürmez, Chairman of the Management Board of Ziraat Bank Uzbekistan, and Abduqodir Yoqubov, Head of Department at the Ministry of Economy and Finance.

The founder of Ermak stated that Uzbekistan offers conditions comparable to those available in Türkiye and invited Turkish business representatives to invest in the country. Volkan Güldürmez, for his part, spoke to participants about the importance of the banking sector in trade relations between Türkiye and Uzbekistan.

Furthermore, the Chairman of Ziraat Bank Uzbekistan announced plans to expand the activities of Türkiye’s largest state-owned bank in Uzbekistan and open new branches across the regions.

Following the forum, a number of agreements aimed at strengthening cooperation in key sectors of the economy, including industry, foreign trade and manufacturing, were reached, and relevant documents were signed.