Uzbekistan and Turkmenistan will jointly produce vehicles and electrical products. An agreement to open joint ventures was reached at the Turkmen-Uzbek economic forum held in Tashkent today. This is reported by Repost.uz with reference to the statement of the Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov.
The joint venture “Uzavtosanoat” and “Turkmenistan-Motors” in the first year plans to produce up to 10 thousand units of agricultural machinery and trailers, and within 4-5 years it is planned to reach the level of up to 50 thousand units per year.
Long-standing traditions of cooperation have developed between Uzbekistan and Turkmenistan. Since 1996, the Turkmen-Uzbek intergovernmental commission on trade and economic cooperation has been operating. In
September of this year, the sixteenth meeting of the commission was held, at which the expansion of cooperation and humanitarian ties in various spheres of the economy was discussed.
One of the key directions for the development of cooperation between the countries is the increase in trade turnover. For eight months, the volume of trade exceeded 418 million US dollars. The countries plan to bring this figure to 1 billion US dollars (in 2020 it amounted to 527 million US dollars).
In addition, the neighboring countries intend to develop industrial cooperation, transport and logistics partnerships and interregional cooperation.
Earlier, we reported that the President of Turkmenistan signed a Decree according to which the Ministry of Agriculture and Environmental Protection of the country will purchase machine-tractor units and trailers for the agro-industrial complex from the Uzbek company “Uzsanoatexport”.