Uzbekistan & Russia aim to boost annual trade turnover to $30bn

Presidents Shavkat Mirziyoyev of Uzbekistan and Vladimir Putin of Russia have committed to increasing their countries' trade turnover to $30bn per year during their extended talks, as reported by the Uzbek leader's press service.

"The steady dynamics of mutual trade turnover has been noted with satisfaction. It has increased 2.5 times over the past 7 years. The parties agreed on a new target benchmark - to reach trade volumes of $30bn in the near future," the press release stated.

To support this goal, Uzbekistan will open a full-fledged trade mission in Russia.

For the summit, new industrial cooperation projects worth over $20bn have been outlined in sectors such as energy, metallurgy, petrochemicals, machine building, mining, agriculture, logistics, pharmaceuticals, and artificial intelligence.

"A joint Investment Platform is being launched to promote such projects," the report highlighted.

In the energy sector, both countries have agreed to modernize the gas transport system, increase the supply of gas, oil, and oil products, and implement hydrocarbon processing projects.

"Additionally, during the visit, agreements will be signed for a project to build a low-capacity nuclear power plant in Uzbekistan," the report emphasized.

At the end of 2023, Uzbek-Russian trade turnover totaled $10bn.