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

On November 8 this year, a delegation from Uzbekistan led by Deputy Minister Khurram Teshabayev attended the 23rd Ministerial Conference of the Central Asia Regional Economic Cooperation (CAREC) Program in Kazakhstan’s capital, Astana.

The conference addressed the "CAREC Climate Change Action Plan," "CAREC 2030 Midterm Review," as well as discussions on "Decarbonization and Regional Energy Security," "Innovative Climate Solutions and AI’s Role," "Development of CAREC Corridor 2," and the "CAREC Institute Activation Plan."

The Vice President of the Asian Development Bank (ADB), leaders from CAREC member countries, and senior officials from ADB, the World Bank, the Asian Infrastructure Investment Bank (AIIB), the European Bank for Reconstruction and Development (EBRD), and other international partners presented reports.

Reference: Over the past two decades, Uzbekistan has implemented CAREC investment projects worth $19 billion. Over the next five years, Uzbekistan plans to launch 41 additional CAREC investment projects totaling $12.6 billion.

During the plenary sessions, delegates from Kazakhstan, Kyrgyzstan, Tajikistan, and Azerbaijan praised Uzbekistan's progress in socio-economic reforms, highlighting their positive impact on strengthening regional collaboration in energy, innovation, digitalization, and climate change.

Flagship CAREC projects proposed for 2025-2026 include energy development, digitalization, barrier-free e-commerce, green development, a CAREC Climate and Sustainable Development Preparation Fund concept, enhanced connectivity, and the "China-Kyrgyzstan-Uzbekistan" railway.

The conference included the signing of the "Climate and Sustainable Development Project Preparation Fund Agreement between the ADB and the Ministry of Finance of the PRC," the "Climate and Sustainable Development Project Preparation Fund Agreement between the ADB and the Ministry of Economy and Finance of the Republic of Korea," the "Partnership Memorandum between the ADB and the Governments of Azerbaijan, Kazakhstan, and Uzbekistan on the Caspian Sea Green Energy Corridor Project," and the "Memorandum of Understanding between the Ministry of Investment, Industry, and Trade of the Republic of Uzbekistan and the ADB."

Under the latter agreement, ADB is providing a $225,000 grant to support Uzbekistan's accession to the WTO.

ADB also expressed readiness to fast-track the transport corridors resilience and modernization project, aiming for an early loan agreement, while continuing support for Uzbekistan's railway modernization and electrification initiatives.

The conference concluded with a Joint Ministerial Statement and the decision to elect Kyrgyzstan as the Chair of the CAREC program for 2025.