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Dmitry Volvach: Russian business has increased its investment presence in Uzbekistan, despite the pandemic

The number of enterprises with Russian capital in Uzbekistan has increased by more than 10% since 2019, despite the coronavirus pandemic. This was stated by the Deputy Minister of Economic Development of Russia Dmitry Volvach, speaking at the session “Prospects for Regional Economic Cooperation” in the framework of the International Economic Forum in Tashkent. This was reported by the press service of the Ministry of Economic Development of the Russian Federation.

“In the last difficult year, even taking into account the imposed restrictions and the slowdown in world economic growth, we managed to achieve an increase in the volume of mutual trade by 15.6% to US$5.9 billion. At the same time, over the past four years, we have increased the volume of trade between our countries by more than 2 times,” the Deputy Minister stressed.

Russian-Uzbek trade continues to grow and for 7 months of this year amounted to US$3.3 billion (+ 3.8%). “We expect that positive dynamics will continue in the future and we will reach the target set by the presidents of Russia and Uzbekistan – US$10 billion a year,” said Dmitry Volvach.

The deputy head of the Ministry of Economic Development also highly appreciated the measures being implemented by the Uzbek leadership to create comfortable conditions for investors from the Russian Federation. Over the entire period of work in the market of the republic, the main Russian investors in Uzbekistan have invested more than US$10 billion in the economy, he said.

Moreover, the flow of investment is diversifying and is now directed to various sectors, including agriculture, mechanical engineering and metallurgy. In particular, as of 1 January 2021, 2,093 enterprises with the participation of Russian capital operate in Uzbekistan, which is 265 more than in 2019. This includes companies for the processing and supply of fruits and vegetables, the production of agricultural machinery, excavators, spare parts for the automotive industry, compressor equipment and building materials.

“Together with our Uzbek colleagues, including within the framework of the Intergovernmental Commission on Cooperation between the Russian Federation and Uzbekistan, we are working to eliminate barriers in mutual trade, develop industrial cooperation, as well as assist in the implementation of mutually beneficial joint projects,” added Dmitry Volvach. He also said that Russia and Uzbekistan agreed to develop a new intergovernmental economic program for the period from 2022 to 2026.

The Deputy Minister noted that Russia is assisting Uzbekistan in the creation of multifunctional centres, the development of tax administration and cadastral registration systems, as well as registration of rights and cadastral valuation of real estate objects.

During his visit to Tashkent, Dmitry Volvach also visited the Yashnabad Innovation Technopark.