The prerequisites for the ongoing development of bilateral cooperation were created during the official visit of the President of Russia Vladimir Putin to Uzbekistan, held in October 2018.

During the meeting, the heads of state discussed the prospects for trade and economic cooperation, the implementation of investment projects in the field of peaceful nuclear development, the oil and gas sector, energy, metallurgy, mechanical engineering, electrical engineering, textile, and food industries. On the outskirts of the First Forum of Interregional Cooperation between Russia and Uzbekistan, held in Tashkent, contracts for more than $2 billion were concluded.

According to the Chairman of the Board of Directors of the World Trade Center Moscow, President of the Chamber of Commerce and Industry of the Russian Federation (CCI RF) Sergey Katyrin, there is regular interaction of the business community of the two countries in the framework of the Council of Heads of Chambers of Parliaments of the CIS countries, the SCO Business Council, and several other platforms. “From simple commodity exchange, the cooperation of the two countries begins to set up the creation of production chains and joint promotion of products on the world market,” Katyrin said.

During the Round Table of the Russian-Uzbek Business Council, which was recently held at the Russian Chamber of Commerce and Industry, representatives of the authorities of the two countries, experts and businessmen spoke about the practical implementation of the agreements reached following the official visit of the Russian Head of State to Uzbekistan. In trade relations between Russia and Uzbekistan, there is a free trade regime. In 2017, the volume of mutual trade between the two countries reached $5 billion, and its growth since 2016 was 15%. For the period January - September 2018, the volume of mutual trade exceeded $4 billion.

Nigmatilla Yuldashev, Chairman of the Senate of the Oliy Majlis (Supreme Assembly) of Uzbekistan, announced expectations of creating projects with Russian companies in the country: “We are ready to work out projects to create high-tech and modern industries in the pharmaceutical, cosmetic, agricultural, food and light industries, fish, in the field of information and telecommunication technologies, energy, engineering, and deep processing of raw materials with leading companies in Russia.”

To attract Russian companies and implement joint projects, free economic zones operate in the territory of Uzbekistan where free movement of capital, goods, services, and labor resources is ensured. Working in Uzbekistan, Russian entrepreneurs will be able to gain access to the markets of the countries of Central Asia.

Over 30 Russian chambers maintain close ties with partners from Uzbekistan. According to Sergey Katyrin, this year, interregional contacts have expanded significantly: meetings and negotiations on the development of cooperation with Uzbekistan took place in 25 regional CCIs. “The compatibility of the trade and economic policies of our countries and allied relations are the basis for the further development of business ties,” the president of the Russian Chamber of Commerce and Industry stresses.

“Liberalization of economic activity, support for the SME sector, and the creation of an appropriate regulatory environment is the basis for developing entrepreneurship as a driving force for the development of the republic,” said First Deputy Chairman of the Senate, Sadyk Safaev. “Considering that today Russia is the main trade partner of Uzbekistan, one can be confident in the good economic prospects of cooperation between the two countries.”