BAKU, Azerbaijan, December 21. Trade turnover between Kazakhstan and Uzbekistan from January through October 2022 accounted for $4 billion, a 35 percent increase, Serik Zhumangarin, Minister of Trade and Integration of Kazakhstan, said, Trend reports, citing the press service of the Ministry.
The statement was made in the framework of the 4th Interregional Uzbek-Kazakh Business Forum.
Speaking at the event, Zhumangarin said that the focus of the governments of Kazakhstan and Uzbekistan is to increase trade turnover to $10 billion.
“A significant part of this plan is the creation of the International Center for Industrial Cooperation. The center will become the key element of the Asian North-South economic corridor that will enable manufacturing of a joint product for the purpose of further export,” the minister added.
The Kazakh minister also noted the importance of regional integration for the purpose of fostering trade and attracting new investors.
“Considering the small volume of regional economies, it is crucial for the Central Asian region to be united in the question of attracting foreign capital. Kazakhstan already has all the necessary infrastructure for this, and we are ready to act as the entry point to our region for investors,” Zhumangarin said.