Tashkent: Trkiye will continue to expand investments and trade ties with Uzbekistan, Turkish Vice President Cevdet Yilmaz said on Thursday.
According to Anadolu Agency, Yilmaz announced at the Trkiye-Uzbekistan Business Forum in Tashkent that nearly 1,900 Turkish companies are currently operating in Uzbekistan, with a total investment of $5.6 billion. These companies contribute significantly to the economy by providing employment, exporting goods, and supporting public finances through taxes. Yilmaz expressed hope for an increase in the number of Turkish companies in the country.
He emphasized the historical and cultural connections between Trkiye and Uzbekistan, stating that the bonds established along the ancient Silk Road have developed into strong foundations in contemporary times. The vice president credited the trust-based relationship between Turkish President Recep Tayyip Erdogan and Uzbek President Shavkat Mirziyoyev as crucial for advancing bilateral cooperation.
Yilmaz noted the successful conclusion of the 8th Term Joint Economic Commission (JEC), which includes decisions impacting both public institutions and the private sector. He highlighted plans to expand the Preferential Trade Agreement to cover more goods and boost trade volume. Additionally, he mentioned efforts to enhance bilateral and transit road transport by eliminating the need for transit permits, aiming to reduce costs and increase the competitiveness of the private sector.
The vice president also pointed out that strategic cooperation between the two nations should extend beyond industry and agriculture to include tourism. He acknowledged Trkiye's position as the fourth-largest tourism market globally and expressed readiness to share expertise with Uzbekistan in this area. Furthermore, he identified health care, agriculture, and food as key sectors for collaboration.
Yilmaz revealed that while the current trade volume stands at $3 billion, it is below its potential. The leaders have set a target of increasing trade to $5 billion, with aspirations to eventually reach $10 billion. He stated that the private sector will spearhead this growth, while the government will focus on creating a supportive environment to facilitate these objectives.