Türkiye to expand investments, trade ties with Uzbekistan
TASHKENT
Türkiye will continue to expand investments and trade ties with Uzbekistan, Vice President Cevdet Yılmaz said on May 15.
“Currently, we have nearly 1,900 Turkish companies in Uzbekistan. Their total investment has reached $5.6 billion. They employ thousands, export and contribute to the public finances with taxes. We hope that their number will increase,” Yılmaz said at the Türkiye-Uzbekistan Business Forum in Tashkent.
He highlighted the deep historical and cultural ties between the two countries, saying that the bridges of brotherhood built by their ancestors on the Silk Road have evolved into solid foundations in the modern era.
Yılmaz said that the eighth Term Joint Economic Commission (JEC) had concluded successfully and that the decisions made are related to both public institutions and the private sector. He said that the Preferential Trade Agreement will be expanded to increase the number of goods covered and boost trade volume.
He said that they also plan to enhance bilateral and transit road transport without requiring transit permits, adding that harmonizing bureaucratic and physical infrastructure and reducing costs will enhance the competitiveness of the private sector.
The strategic cooperation between Türkiye and Uzbekistan should not be limited to industry and agriculture, but also extend to establishing more comprehensive partnerships in tourism, according to Yılmaz.
He said that Türkiye ranks fourth in the world in tourism and expressed readiness to share expertise in this field.
He highlighted that health care, agriculture and food are key areas for collaboration between Türkiye and Uzbekistan.
While trade has reached $3 billion, it falls short of its potential, with a target of $5 billion set by leaders, Yılmaz stated.
The private sector and companies will drive this growth, while the government will create a supportive environment to achieve $5 billion initially, and eventually $10 billion, he added.
