Vice President Cevdet Yilmaz: Turkiye-Uzbekistan Trade Volume Nears $5 Billion Target

Vice President Cevdet Yilmaz stated that the trade volume between Turkiye and Uzbekistan exceeds $3 billion and said, “We are approaching the $5 billion target set by our leaders. We have no doubt that the trade volume will first reach $5 billion and then reach much higher levels.”

Within the scope of his official visit, Vice President Cevdet Yilmaz attended the Meeting with the Business World Program organized by the Foreign Economic Relations Board (DEIK)-World Turkish Business Council (DTIK) in Tashkent, the capital of Uzbekistan.

In his speech here, Yilmaz pointed out that Turkiye-Uzbekistan relations are at a very high level and their historical and cultural ties are extremely deep, and said that there is a law of brotherhood beyond friendship between the two countries.

Stating that they act with the win-win principle in economic and commercial relations, Yilmaz continued as follows:

“The point we have reached recently is no small matter. We now have a trade volume exceeding $3 billion. We are approaching the $5 billion target set by our leaders. We have no doubt that with the progress we will make in many areas, from increasing the products in the preferential trade system list to facilitating customs procedures, some joint investments and projects, with various measures, this trade volume will first rise to 5 billion and then to much higher levels. On the other hand, when you look at it, we can say that many bilateral and multilateral cooperation continues between the two countries, from transportation to customs, from health to internal affairs and consular areas. We are working with all relevant institutions, especially our Ministry of Commerce, on the issue of simplifying and making customs procedures more uniform.”

Stating that the Preferential Trade Agreement entered into force on July 1, 2023 and covers certain products, Yilmaz stated that the two countries will continue their efforts to further expand it every year.

“Successful investors, investors whose problems are solved, attract other investors as well.”

Yilmaz said that Turkiye’s direct investments in Uzbekistan have reached $1.5 billion and this is increasing every year.

Stating that around 1900 Turkish companies in Uzbekistan support both Uzbekistan’s economy, development and employment, Yilmaz stated that these companies operate in many fields such as textile, energy, finance, insurance and metal.

Yilmaz stated that they are following the preparations of the draft law, which foresees the gathering of direct investments, investment incentives, privatization, public-private partnership legislation and incentives in the field of green economy under a single roof, within the framework of Uzbekistan’s understanding that puts investors and entrepreneurs first, and said:

“We expect our companies to continue to increase their investments in a much more favorable investment environment in the coming period. We also have important relations in the field of contracting. Turkish contractors have undertaken many symbolic and important projects, especially the Tashkent City Project we are currently in. Last year, a list of 250 major international contracting companies was published. There are 40 Turkish companies among them. We come second after China. I would like to express that this capacity of ours has reached a very important point in Uzbekistan. Our contractors have undertaken 286 projects to date. The total amount has reached $7.5 billion. We see that Turkish companies have signed many projects, from Piramit Tower to Gardens Residence. We expect Turkish companies to undertake important responsibilities in many projects, from infrastructure to renewable energy to housing projects, within the scope of development programs in the coming period.”

Emphasizing that economic activities between the two countries continue to increase and political relations are at a point that can be called perfect, Yilmaz said, “Our duty, as politicians and state administrators, is to create suitable conditions. The rest is the job of the private sector, your job. The more successful you are, the more investors will come to Uzbekistan. I always say, investors attract investors. Successful investors, investors whose problems are solved, attract other investors as well.”

Source: Trthaber / Prepared by Irem Yildiz

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