The 24^th meeting of the Intergovernmental Russia-Uzbekistan Commission on Economic Cooperation was held under the chairmanship of Deputy Prime Minister, Minister of Industry and Trade of the Russian Federation Denis Manturov and Deputy Prime Minister of the Republic of Uzbekistan Zhamshid Khojayev. The deputy prime ministers discussed a wide range of issues related to industrial cooperation. 

Today Russia is a key partner and investor for Uzbekistan, which can be seen in the volume of investment: about 3,000 Russian companies have invested some 1.2 trillion roubles in the country’s economy, and this number continues to grow, which also helps expand the list of joint initiatives in various spheres. 

“Despite the difficult geopolitical situation, the multifaceted partnership between Russia and Uzbekistan continues to get stronger. This is based on a number of factors, including the dynamics of mutual trade volumes. As you know, 2022 was a record year in this regard, reaching 785 billion roubles. We recorded a strong 11.5 percent growth in the first nine months of this year. Our priority goal is to more than double mutual trade by 2030,” Denis Manturov emphasised.

“Along with the interaction between industry ministries and departments in both countries, contacts made at the Innoprom Central Asia exhibition in Tashkent and the third interregional forum in Kazan, which were productive platforms for strengthening ties between business circles, manufacturers and the regions of the two countries, were very significant. Regarding cooperation in the financial and banking sector, I would like to note the interest of the Uzbek side in promoting mechanisms for mutual transactions in national currencies between our countries, with consideration for the interests of both parties,” added Jamshid Khojayev. 

The deputy prime ministers agreed to increase joint cooperation to maintain sustainable growth in trade, expand technical support and achieve a balanced flow of goods. 

“Productive interaction in the field of standardisation and metrology plays an equally important role. Today, recommended lists of testing equipment have been formed for upgrading and retrofitting the testing laboratories in Uzbekistan. As a result, it will be possible to assess compliance with the requirements of 15 technical regulations of the EAEU,” Mr Manturov said.

The meeting participants also discussed other sectors: cooperation in energy, geology and subsoil use, transport, the agriculture sector and digital technologies, and socio-cultural and humanitarian projects are of great importance.

Following the meeting, Denis Manturov and Zhamshid Khojayev signed the protocol of the 24^th meeting of the Russia-Uzbekistan Commission on Economic Cooperation. In addition, a memorandum of understanding was signed between the Russian Federal Corporation for the Development of Small and Medium Enterprises and the Business Development Bank of the Republic of Uzbekistan in the field of industrial cooperation and the integration of digital systems, in the presence of the commission’s co-chairs.