Tashkent Investment Forum Focuses on Central Asian Development
ASTANA – Kazakh Deputy Foreign Minister Nazira Nurbayeva took part in the Tashkent International Investment Forum, which focused on the development prospects of the Central Asian region and launched the Trade Connect Central Asia+ project on May 2-3, reported the Kazakh Foreign Ministry’s press service.
Photo credit: Foreign Ministry
During the event, Nurbayeva outlined combined efforts by Kazakhstan and Uzbekistan to strengthen cooperation in all areas.
In 2023, trade turnover between the countries exceeded $4 billion. The countries intend to increase the volume to $10 billion.
In recent years, both countries have made progress in the industrial area, a key area of cooperation between the states. Currently, work is underway on 60 projects worth $2.6 billion, of which 55 projects are in Kazakhstan and five projects are in Uzbekistan.
Kazakh Deputy Foreign Minister Nazira Nurbayeva took part in the Tashkent International Investment Forum. Photo credit: Foreign Ministry
Kazakhstan has effectively implemented 11 joint projects worth $144 million. Today, the country is implementing three joint projects worth $181 million. At the same time, 46 projects worth nearly $2.3 billion are being developed through joint efforts.
“We have great opportunities to advance and expand cooperation in many priority sectors. Therefore, we propose to jointly work on projects in energy, industry, transport, agriculture, water use, ecology and education,” said Nurbayeva.
During the forum, Kyrgyz Prime Minister Akylbek Japarov highlighted that Kyrgyz Republic and Uzbekistan plan to increase trade turnover to $2 billion. He presented the project for constructing the Kambar-Ata-1 hydroelectric power plant (HPP) and spoke about the country’s energy potential.
Kazakhstan, the Kyrgyz Republic, and Uzbekistan agreed last year to build the Kambar-Ata-1 HPP on the Naryn River in Kyrgyz Republic to generate electricity for Central Asian countries and ensure the region’s sustainable water supply.
As part of the forum, the International Islamic Trade Finance Corporation (ITFC) launched the Trade Connect Central Asia+ (TCCA+) project, which aims to achieve inclusive economic growth and regional economic cooperation and develop trade between Central Asian countries, Azerbaijan and other countries.
The TCCA+ program will help improve manufacturing, facilitate regional trade by reducing border crossing times and costs, increase regional business connectivity, and enhance regional competitiveness by reforming trade policies and improving the effectiveness of trade support institutions among member countries.
The forum was attended by senior officials of several states, including the Speaker of the Singaporean Parliament Seah Kian Peng, Vice President of Türkiye Cevdet Yilmaz, representatives of international organizations and financial institutions such as the European Bank for Reconstruction and Development (EBRD), United Nations Economic Commission for Europe (UNECE), and the Organization of Petroleum Exporting Countries (OPEC) Fund for International Development.
