Saturday, 24, October, 2020

On October 12, Bukhara hosted the twenty-first meeting of the Uzbek-Russian Intergovernmental Commission (IGC) on economic cooperation, the Ministry of Investment and Foreign Trade.

During the event, the parties reportedly discussed the current state of bilateral cooperation in trade, economic, cultural, humanitarian and scientific and technical spheres, as well as new promising areas for advancing the partnerships.

In addition, the perspectives for expanding the investment cooperation were touched upon/ It was underscored that a package of US$ 16 billion worth of investment projects are currently being implemented in the petrochemicals, mining metallurgy, energy, healthcare and pharmaceuticals, production of building materials, textile industry and processing of fruit and vegetable sectors.

At the same time, the parties emphasized the existence of potential for further expanding and diversifying investment cooperation through the development and implementation of new projects.

In this context, the practical significance of the Project Office opened in August of this year between the Ministry of Investment and Foreign Trade of Uzbekistan and the Ministry of Industry and Trade of the Russian Federation was commended.

The parties also discussed the implementation progress of 104 investment projects totaling US$ 5.8 billion and agreed to jointly monitor the quality and timely implementation of each project within the agreed timelines.

One of the key components of bilateral cooperation was the interaction in the cultural and humanitarian sphere - practical aspects were discussed, a number of joint events, in particular, the second educational Uzbekistan-Russia forum with the participation of rectors of leading universities and scientific and educational centers of the two countries.

The collaboration for the systematization of the labor migration were reviewed separately. The parties noted significant progress in joint work in this area and discussed further actions to strengthen mechanisms for providing assistance to Uzbek labor migrants in the Russian Federation in matters of employment, social, financial and legal protection. They also emphasized their mutual readiness to unite efforts to accelerate the implementation of the project to create a multifunctional migration center of the Russian Federation in Uzbekistan.

Following the event, the Minutes of the 21st Meeting of the Uzbek-Russian intergovernmental commission on economic cooperation was signed, reflecting the key agreements reached during the event and the main vectors for further deepening multifaceted cooperation between the two countries.

Latest in Economy