Hosted by DEİK, DEİK/Turkey-Uzbekistan Business Forum was held in Istanbul on February 27, 2017, the Forum is attended by Uzbekistani Deputy Prime Minister Rustam Azimov, Turkish Minister of Economy Nihat Zeybekci, Uzbekistani Minister of Foreign Economic Affairs, Investments and Trade Elyor Ganiyev, DEİK’s Vice President and TİM President Mehmet Büyükekşi and DEİK/Turkey-Uzbekistan Business Council President Hayri Kartopu.
Turkish Minister of Economy Nihat Zeybekci stated that Turkey and Uzbekistan complete each other and together they have a population of 110 million. Total bilateral trade volume is 1.2 billion USD, as a result, export mobilization has been initiated in both countries. He called out for partnerships in the areas of agriculture, textile-confection, tourism, and logistics. Investment Protection and Incentive Agreement signed on 1995 will be revised to avoid double taxing. There is an agreement that has been signed yet still has not been executed, we will activate this agreement. We will come together more often and 2017 will be a restoration year in terms of economic relations, legal and technic infrastructure.
Turkey has reached a trade volume of 160 billion USD with European Union thanks to Customs Union. It must be revised until the first half of 2018 to include topics of agriculture, service and public procurement. Projects that have been carried out by Turkish companies in Uzbekistan have a value of 2 billion USD, nevertheless, approximately 110 Turkish companies operate in Uzbekistan yet this is not sufficient. Turkey will follow a win-win strategy with Uzbekistan from now on.
Uzbekistan Deputy Prime Minister Rustam Azimov reminded that Turkey is the first country to recognize Uzbekistan’s independence and Uzbekistan will never forget this favor. Uzbekistan is always ready to collaborate with the Turkish Business Community and extend its partnership with Turkey. Uzbekistan has set 5 principles: economy’s superiority over politics, superiority of law, reformist government, strong social policy and free market economy.
With a growth rate of 8%, Uzbekistan is one of the fastest growing economies according to International Monetary Fund (IMF). Uzbekistan targets Southeast and East Asia, European Union, Middle East and African markets. Azimov stated that structural reforms have been enacted to achieve macroeconomic stability. There are business opportunities in the fields of hydrocarbon, chemical, petrochemical, precious metals, construction, leather and footwear industry, textile, pharmaceutical industry, vegetable-fruit, meat and dairy products, food processing and tourism. He called Turkish investors to invest in Uzbekistan.
DEİK Vice President and TİM President Mehmet Büyükekşi stated that collaboration between two countries will advance further. There is huge potential in the fields of tourism, health, mining and leather. Turkish companies are ready to establish bonds with Uzbekistani business community.
Turkey-Uzbekistan Trade Figures (Ministry of Economy- 2016)
Turkish export to Uzbekistan: 553 Million USD
Major export items: Miscellaneous manufactured goods, machinery and mechanical appliances, plastics and articles thereof; rubber and products and chemical industry and related industrial products
Turkish import from Uzbekistan: 709 Million USD
Major import items: Articles of precious metals, plastics and articles thereof; rubber products and herbal products.
Trade volume: 1.2 billion USD
Trade balance: 176 million USD in favor of Uzbekistan
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