Uzbekistan and Kazakhstan reach $7 billion agreement

Uzbekistan and Kazakhstan have reached an agreement to undertake investment projects and trade agreements valued at $7 billion. This announcement was made on the official website of the Prime Minister of the Republic of Kazakhstan.

It was noted that during a bilateral meeting held as part of the Kazakhstan-Uzbekistan Business Forum, Deputy Prime Ministers Serik Jumangarin and Jamshid Khujaev discussed the execution of 34 investment projects totaling $4.4 billion and 7 trade agreements worth $2.6 billion.

The agreement includes the implementation of investment projects across various industrial sectors, such as energy, mining geology, transportation, chemical industry, construction, electrical engineering, mechanical engineering, pharmaceuticals, and other areas.

A significant portion of the projects focuses on agriculture. The parties agreed to jointly cultivate agricultural products in Kazakhstan, engage in the deep processing of grain and rice, produce silk products in the Turkestan region, establish a facility for manufacturing packaging materials, and address other related issues. Additionally, a joint venture will be set up in the Mangistau region for the reception and processing of cattle hides.

"The implementation of these projects will enable the effective utilization of the investment and trade potential of both countries, contributing to the goal set by the leaders of Kazakhstan and Uzbekistan to increase mutual trade volume to $10 billion," the statement reads.

It is also noted that President Shavkat Mirziyoyev arrived in Kazakhstan on a state visit on August 7, at the invitation of President Kassym-Jomart Tokaev. Today, August 8, the inaugural meeting of the Supreme Interstate Council is scheduled to take place under the leadership of the two heads of state.