8 agreements signed between Türkiye and Uzbekistan

8 agreements signed between Türkiye and Uzbekistan

A Turkish-Uzbek business forum was held in Ankara. 8 memorandums of understanding on cooperation in various fields were signed between the business world of Turkey and Uzbekistan.

Vice President Cevdet Yilmaz, in his speech at the Turkish-Uzbek Business Forum held in the TOBB Twin Towers, said that he considers this forum, which unites the business worlds of the two fraternal countries, important because it is a platform where business people can get to know each other, expand the circle of friendship and establish business ties and that he believes that the forum will yield concrete results in terms of raising broad cooperation to a new level.

Yilmaz thanked DEIK, TOBB and the Chamber of Commerce and Industry of Uzbekistan for their efforts in hosting the forum and stated that they are glad to see that cooperation with Uzbekistan, which has a common language, history and culture, has strengthened in all areas.

Yilmaz also explained that through joint efforts they have raised relations between the two countries to the level of a "comprehensive strategic partnership", and that they attach great importance to regular high-level meetings and mutual contacts that strengthen the brotherhood, and today the 7th meeting of the Turkey-Uzbekistan Joint Economic Commission is taking place. He noted that they will hold a semester meeting and after this meeting they will begin preparations for the meeting of the High-level Strategic Cooperation Council, which will be held in Turkey next year.

"Starting from the middle of next year, there will be a significant decrease in inflation,"

Stating that over the past 20 years, the Turkish economy has grown by an average of 5.4 percent per year, Yilmaz noted that in the first 9 months of this year there was an increase of 4.7 percent compared to the same period last year.

Yilmaz said that by the end of this year, according to international estimates, the volume of Turkey's economy will exceed $ 1 trillion, and continued his words as follows:

"We will be the 17th largest economy in nominal dollar terms and the 11th largest economy in terms of purchasing power parity. On the other hand, we are making efforts to reduce inflation to single digits, and as a result of the policy, there will be a significant decrease in inflation starting from the middle of next year."

Yilmaz said that since 2002, exports have increased more than 7 times and reached the level of $ 254.2 billion as of last year, and that he will close this year with an indicator of more than $ 255 billion.

"We must increase mutual investments according to the win-win principle"

"Turkey ranks third among the countries to which Uzbekistan exports the most, and fifth in terms of imports. We hope that through the efforts of our private sector we will bring these ranks to a higher level," Yilmaz said, noting that bilateral trade with Uzbekistan in 2022 reached $3.5 billion, Turkey's investments in Uzbekistan amounted to $1.5 billion, and over 1,700 Turkish companies operate in different regions of Uzbekistan.

Stating that Uzbekistan should not be considered only as a market with a population of 35 million people, that it is a member of the Commonwealth of Independent States and the Customs Union and that it occupies a strategic position in a very wide geography, Yilmaz said:

"Those who invest in Uzbekistan actually have the opportunity to sell goods to a much larger market. The same applies to Turkey. Turkey not only has a domestic market covering 86 million people, but also has a customs union with the European Union, many international relations and bilateral free trade." "This is a country with which we have agreements. Uzbek companies investing in Turkey also have the opportunity to gain access to a much wider market. Therefore, we must increase these mutual investments on a win-win basis."

Yilmaz said that the Preferential Trade Agreement, which entered into force in July, is an important step in this context, within which President Recep Tayyip Erdogan and President of Uzbekistan Shavkat Mirziyoyev will achieve the trade volume target of $5 billion as soon as possible and set new goals with the participation of businessmen.


Stating that Turkish contractors have implemented 262 projects worth $6.9 billion, especially Tashkent City, Pyramid Tower and Akay City, Yilmaz said that, in his opinion, this cost will increase in the coming period.

"It is very important for the business world to assess the trade and investment opportunities between Turkey and Uzbekistan and fully unleash this potential," Yilmaz said, adding that for Turkey, the contribution it will make to the regional economy is more important than just economic reasons, and that they act together under the slogan of development.

In this context, Yilmaz stated that, in his opinion, holding a Fair of Turkish export products in Uzbekistan simultaneously with the next meeting of the Joint Economic Commission would be very useful for bilateral trade relations, and said that they would continue to support the process of Uzbekistan's full membership in the World Trade Organization (WTO).

"I believe that the influence of our Turkish companies will increase"

Noting that Turkey and Uzbekistan play a very important role in the Organization of Turkic States and that he believes that the Turkish Investment Fund, which will start functioning in the near future, will provide very important opportunities, Yilmaz said: "I believe that significant contributions will come from this fund, especially to joint projects that will be developed by our business world."

Stressing his confidence that the Transport Action Plan will also bring new opportunities to the business world, Yilmaz said:

"I urge you, our dear businessmen. Please establish partnerships with Uzbek companies by evaluating investment opportunities in many areas, especially in energy, electronics, mining, agriculture, healthcare, information technology and construction in Uzbekistan.

I believe that the influence of our Turkish companies in the construction and building materials sector will increase with the high-quality services offered by our contracting companies to Uzbekistan. In this context, I invite all our entrepreneurs to take an active part in the projects that Uzbekistan will implement within the framework of the Development Program for 2022-2026."

Stating that climate problems have become the biggest threat, Yilmaz noted:

"In this context, our cooperation and exchange of experience are very valuable, especially in the fields of renewable energy, electricity market regulation, nuclear energy, pipeline management and mining. We have to use water very efficiently. Due to the processes that we are experiencing in connection with climate change in the world, water has become very valuable and strategic. I believe that the exchange of experience and joint projects here are very valuable for both Uzbekistan and Turkey. We must pay great attention to water in the agricultural sector, starting with the sprinkler drip irrigation system and ending with the transformation of the plant scheme into products that consume less water."

Vice President Yilmaz stated that he sincerely believes that in the Turkish century, relations between Turkey and Uzbekistan will reach a completely different level, and that they will bring relations between the private and public sectors to the highest level.

As a result of the speeches, 8 memoranda of understanding were signed between the business world of Turkey and Uzbekistan regarding cooperation in various fields.