Uzbekistan, Russia plan to triple trade to $30 bln

TASHKENT. May 27 (Interfax) - Official delegations accompanying Uzbek President Shavkat Mirziyoyev and Russian President Vladimir Putin have discussed rapidly growing mutual trade and plans to increase its volume to $30 billion during top-level negotiations in an expanded format in Tashkent.

"The parties were delighted to mention the steady dynamism in mutual trade, which has grown 2.5 times over the past seven years. They agreed on setting a new target of raising trade to $30 billion in the near future," the Uzbek presidential press service said.

To attain this goal, the delegations agreed that Uzbekistan would set up a full-fledged trade mission in Russia.

In the run-up to the summit, Uzbekistan and Russia reviewed new industrial cooperation projects in the energy, metallurgy, petrochemicals, engineering, mineral extraction, agriculture, logistics, pharmaceuticals, artificial intelligence, and other sectors worth over $20 billion, it said.

"A joint investment platform will be launched to promote such projects," it said.

As for the energy sector, the parties agreed to upgrade the gas transport system, increase shipments of gas, oil, and petroleum products, and pursue projects for processing fossil fuels.

"In addition, agreements on implementing a project for building a small nuclear power plant in Uzbekistan will be signed during the visit," it said.

Uzbek-Russian trade amounted to $10 billion in 2023.