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Uzbekistan as well as the Central Asia Region: Key Opportunities of Interest for Russia

July 16, 2024
According to Russia’s Deputy Minister of Industry and Trade, Alexey Gruzdev, Uzbekistan and the broader Central Asian region hold great interest for Russia, not only due to their long-standing relationships and friendship but also because of their potential. Gruzdev shared this perspective during the 2024 INNOPROM Trade Fair held in Ekaterinburg.

“Central Asia is a rapidly developing region. Just look at the economic growth figures in Qazaqstan, Uzbekistan, Kyrgyzstan, and Tajikistan. Industrial development, the creation of industrial infrastructure, and the adoption of Russian experience are all noteworthy. Many countries in the region are enacting laws on industrial development and policy, establishing industrial development funds, and similar institutions. This approach indicates a commitment to strengthening regional expertise, building a technological foundation for long-term economic growth, and diversifying economic structures. Such efforts create additional opportunities for our cooperation,” explained Alexey Gruzdev.

The Deputy Minister highlighted the growing trade between Russia and Central Asia, with these countries accounting for over $43 billion in Russia’s foreign trade turnover.

“Is that significant? It’s much more than just a few years ago. There are an array of reasons for this. On one hand, as I mentioned, the industrial boom within these countries has increased demand for equipment, components, and raw materials that Russia can supply. At the same time, our imports from Central Asia are growing at rates exceeding 20%. We are shifting our sourcing strategies in response to external conditions. This shift has been anticipated, as we increasingly integrate our neighboring countries with accessible logistics, a shared history of cooperation, and mutual understanding into our production chains. Another reason for this trend is the emergence of mature manufacturers in these countries who offer competitive products at competitive prices,” Alexey Gruzdev said.

In his words, Central Asia is appealing to Russia not only due to traditional ties and friendship but also due to its vast opportunities.

“The region offers a significant market, opportunities for cooperation, and potential for joint entry into third markets,” added the Deputy Minister of Industry and Trade. “This cooperation mechanism, including the industrial presence of Russian companies in the region, allows us to fully capitalize on these three aspects.”

Recently, Gruzdev noted, a joint investment platform was established with Uzbekistan.

“There is a clear trend: a significant number of cooperative projects are emerging, both at the federal and regional levels. Russian regions are actively engaging with Uzbek provinces through an incredibly intensive exchange program, which lays the foundation for new partnerships. This is also why we recently established the Council of Heads of Regions with Uzbekistan—an institutional mechanism that held its first meeting with the leaders of both countries,” concluded Alexey Gruzdev.

The fifth 'INNOPROM: Central Asia' Trade Fair will take place from April 28–30, 2025, and is expected to yield new agreements between Russia and Uzbekistan.

Photo: © Sputnik / Максим Богодвид
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