‘INNOPROM: Central Asia’: New Aspects of Cooperation Between Russia and Uzbekistan
October 28, 2024
Exhibitions and trade fair events play a crucial role in promoting mutual trade between Russia and Uzbekistan. One of the most significant events in the exhibition calendar is the ‘INNOPROM: Central Asia’ international industrial Trade Fair, which will be held in Tashkent for the fifth time in 2025.
“This year, 45 agreements aimed at developing trade and industrial cooperation were signed at the Trade Fair, with a total value estimated at $4 billion, according to the press service of the President of Uzbekistan. I am confident that next year, the results will be at least as successful,” said Konstantin Zlygostev, Trade Representative of the Russian Federation in the Republic of Uzbekistan.
With the growing momentum in trade and economic collaboration, industrial cooperation and joint projects across various sectors are becoming increasingly relevant and impactful. Between January and August 2024, mutual trade between Russia and Uzbekistan grew by nearly 26%, with Russia accounting for over 18% of Uzbekistan’s foreign trade turnover. Uzbekistan is emerging as one of the most attractive markets for Russian investors. Russia leads in the number of joint ventures, with 3,006 Russian enterprises operating in Uzbekistan—more than 20% of all foreign companies in the country. Furthermore, Russia ranks among the top contributors to accumulated investments in Uzbekistan’s economy, exceeding $10 billion.
Tashkent is also fostering strong ties with Russian regions. In 2024, 35 Russian regional leaders visited Uzbekistan, underscoring the depth of interregional cooperation.
Russian brands and marketplaces are thriving in Uzbekistan. Notable examples include Uzum Market, a rapidly expanding marketplace with order points and courier services in 72 locations across the country. Many Russian companies are now partnering with Uzum Market, often with the support of the Russian trade mission.
Other prominent Russian marketplaces, such as Wildberries, are also active in Uzbekistan. By the end of 2023, Uzbek sellers on Wildberries increased their sales by 93%, reaching $418 million. In May 2023, Wildberries opened its first sorting center in the Tashkent region, spanning 1,100 square meters.
Since November 2023, OZON has also established a presence in Uzbekistan, with 36 delivery points already operational. A joint initiative by the Chamber of Commerce and Industry of Uzbekistan and OZON is underway to develop showrooms for Uzbek producers under the “Made in Uzbekistan” label.
In addition, Uzbekistan's rich potential and growing population are drawing increasing interest from Russian retailers. One notable example is the Magnit Cosmetics chain, which has been operating in Uzbekistan since 2022 and has successfully adapted its formats to the local market. Today, Magnit Cosmetics boasts over 100 retail outlets across the country.
The opening of Uzbekistan's largest shopping center, Tashkent City Mall, marked the entry of prominent Russian brands such as 12Storeez, L'Etoile, Sportmaster, Solo-U, and others into the Uzbek market.
Cooperation in technical regulation is also a key area of focus. In May 2024, an agreement was signed between the governments of Russia and Uzbekistan to provide technical assistance in metrology. This initiative aims to ensure uniformity in measurements and testing as part of conformity assessment processes, supporting industrial and trade development.
Source
“This year, 45 agreements aimed at developing trade and industrial cooperation were signed at the Trade Fair, with a total value estimated at $4 billion, according to the press service of the President of Uzbekistan. I am confident that next year, the results will be at least as successful,” said Konstantin Zlygostev, Trade Representative of the Russian Federation in the Republic of Uzbekistan.
With the growing momentum in trade and economic collaboration, industrial cooperation and joint projects across various sectors are becoming increasingly relevant and impactful. Between January and August 2024, mutual trade between Russia and Uzbekistan grew by nearly 26%, with Russia accounting for over 18% of Uzbekistan’s foreign trade turnover. Uzbekistan is emerging as one of the most attractive markets for Russian investors. Russia leads in the number of joint ventures, with 3,006 Russian enterprises operating in Uzbekistan—more than 20% of all foreign companies in the country. Furthermore, Russia ranks among the top contributors to accumulated investments in Uzbekistan’s economy, exceeding $10 billion.
Tashkent is also fostering strong ties with Russian regions. In 2024, 35 Russian regional leaders visited Uzbekistan, underscoring the depth of interregional cooperation.
Russian brands and marketplaces are thriving in Uzbekistan. Notable examples include Uzum Market, a rapidly expanding marketplace with order points and courier services in 72 locations across the country. Many Russian companies are now partnering with Uzum Market, often with the support of the Russian trade mission.
Other prominent Russian marketplaces, such as Wildberries, are also active in Uzbekistan. By the end of 2023, Uzbek sellers on Wildberries increased their sales by 93%, reaching $418 million. In May 2023, Wildberries opened its first sorting center in the Tashkent region, spanning 1,100 square meters.
Since November 2023, OZON has also established a presence in Uzbekistan, with 36 delivery points already operational. A joint initiative by the Chamber of Commerce and Industry of Uzbekistan and OZON is underway to develop showrooms for Uzbek producers under the “Made in Uzbekistan” label.
In addition, Uzbekistan's rich potential and growing population are drawing increasing interest from Russian retailers. One notable example is the Magnit Cosmetics chain, which has been operating in Uzbekistan since 2022 and has successfully adapted its formats to the local market. Today, Magnit Cosmetics boasts over 100 retail outlets across the country.
The opening of Uzbekistan's largest shopping center, Tashkent City Mall, marked the entry of prominent Russian brands such as 12Storeez, L'Etoile, Sportmaster, Solo-U, and others into the Uzbek market.
Cooperation in technical regulation is also a key area of focus. In May 2024, an agreement was signed between the governments of Russia and Uzbekistan to provide technical assistance in metrology. This initiative aims to ensure uniformity in measurements and testing as part of conformity assessment processes, supporting industrial and trade development.
Source
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