Uzbekistan and Russia at the 18th meeting of the Intergovernmental Commission on Economic Cooperation in Tashkent on Wednesday discussed diversification of trade-economic and investment cooperation.

Opening the meeting, the Deputy Prime Minister of Uzbekistan, Rustam Azimov called Russia the main and the largest trading partner of the country. He stressed that the economies of the two countries "do not compete but rather complement each other."

The Deputy Prime Minister noted the increase in the supply of fresh and processed fruits and vegetables to Russia. Following the maiden International fruit and vegetable fair in Tashkent in November, contract were signed with Russian companies for delivery 570 thousand tons of products this year.

Creation of a "green corridor" pursuant to the signed documents for deliveries of Uzbek fruit and vegetables to Russia will reduce the time, and increase the supply volumes," - Rustam Azimov said. In its turn, Uzbekistan is ready to increase procurement in Russia of wheat, seed potatoes, soybean seeds, fish, oil and other products.

Rustam Azimov admitted that the joint trading houses so far fall short of expectations: the their need to increase capacity of supplies. The sides agreed to enhance their activities.

Deputy Prime Minister positively appraised the Investment activity of the Russian companies. However, he added, the oil and gas industry account for over 90% of all investments. According to Rustam Azimov, Uzbekistan is ready to jointly implement projects in other fields.

"In this regard, we welcome the establishment of cooperation and preparation for signing of a memorandum of cooperation in high-tech industries with RosTech state corporation for civil projects, - the deputy Prime Minister said. - In particular, the organization of production of metal-working machines, tools, auxiliary equipment, medical devices, including modern systems of cardiac screening, neonatal equipment, incubators for newborns, inhalation equipment, various types of vaccines and drugs. "

Rustam Azimov also raised the issues of expansion of cooperation between the regions of the two countries. The signing of the intergovernmental agreement in this area should contribute to the activation of inter-regional trade-economic, investment, cultural and humanitarian cooperation.

The transport sphere is also among priorities. Further implementation of the flexible tariff policy and provision of reciprocal preferential rates at around 30% for transit will increase competitiveness and provide efficient utilizing of existing regional transport corridors, Deputy Prime Minister of Uzbekistan stressed.

Speaking about cooperation in the field of education, Rustam Azimov suggested the possibility of launching of graduate courses (master’s programs) at the Tashkent branch of the Moscow State University after Lomonosov in such subjects as applied mathematics and computer science, and in the future - new departments, primarily in the natural sciences.

The Uzbek side also proposed the establishment of a Tashkent branch of the National University of Science and Technology "MISIS"  in three areas: ferrous and non-ferrous metals, mining and exploration.

Uzbekistan proposed to the Russian side to regulate labor migration on the basis of quotas, based on specialty, ensuring guarantees of labor protection, decent housing and living conditions, health and social insurance for migrant workers.

The Russian Deputy Prime Minister, Dmitriy Kozak said in his speech that the issues of deliveries of Uzbek cotton and horticultural products to the Russian market have been largely resolved, with bilateral agreements and protocols having been signed. This is confirmed by the increase in the volume of imports from Uzbekistan to Russia in January-November 2016, and of agricultural food products - by 2.1 times, and textile products - by 30%.

The volume of imports from Uzbekistan was $ US 675 million, a 23.7% increase. However, Russian exports to Uzbekistan decreased by 13%. "The main reason for this are lower prices of goods. In physical terms, the volume of Russian exports decreased by 2.3%, the trade turnover increased by 1.1% between the two countries. But at the same time, imports from Uzbekistan increased by 58.9% during this period", - the head of the Russian delegation said.

Dmitriy Kozak told about the plans to diversify investment portfolio. In addition to the above Rostech Corporation project, launching of production of agricultural machinery in Uzbekistan between RostSelMash and Chirchiq plant of agricultural machinery is being reviewed.

The sides discussed the issues of preparation for the state visit of the President Shavkat Mirziyoyev to Russia, scheduled for the beginning of April, in particular the working out of bilateral documents to be signed during the visit. a number of cooperation accords were signed following the meeting.