Russia-Uzbekistan Trade Turnover Rises to $10 Billion
February 21, 2025
Trade turnover between Russia and Uzbekistan in 2024 has reached the $10 billion mark, confirming the rapid development of economic ties between the two countries. This was stated by the representative of the Republic of Bashkortostan at the Russian Trade Mission in Uzbekistan, Azat Askarov, during an online meeting with companies from Bashkortostan.
This significant growth opens new opportunities for Russian businesses in promising niches of the Uzbek market. During the webinar, the following key areas for mutually beneficial cooperation were highlighted: energy and power equipment, digital technologies, machinery and agricultural equipment, consumer goods, construction materials and tools, food products, medical devices, and pharmaceuticals.
These sectors not only align with the needs of the Uzbek economy but also provide Russian companies with opportunities to introduce innovations and enhance their competitiveness. Azat Askarov called on companies to actively participate in specialized exhibitions, fairs, seminars, and round tables, as well as to visit Uzbek enterprises, while emphasizing the importance of experience exchange and strengthening trust between entrepreneurs.
Particular attention was given to the upcoming INNOPROM. Central Asia International Industrial Trade Fair, where a business mission is planned for companies from Bashkortostan. Any enterprise from the republic can take part in this landmark event.
Uzbekistan has established itself as one of Russia’s key economic partners in post-Soviet space. Notably, 60% of foreign exchange transactions in trade between the two countries is conducted in national currencies – rubles and soms – which simplifies financial operations and strengthens the economic sovereignty of both nations.
Source
This significant growth opens new opportunities for Russian businesses in promising niches of the Uzbek market. During the webinar, the following key areas for mutually beneficial cooperation were highlighted: energy and power equipment, digital technologies, machinery and agricultural equipment, consumer goods, construction materials and tools, food products, medical devices, and pharmaceuticals.
These sectors not only align with the needs of the Uzbek economy but also provide Russian companies with opportunities to introduce innovations and enhance their competitiveness. Azat Askarov called on companies to actively participate in specialized exhibitions, fairs, seminars, and round tables, as well as to visit Uzbek enterprises, while emphasizing the importance of experience exchange and strengthening trust between entrepreneurs.
Particular attention was given to the upcoming INNOPROM. Central Asia International Industrial Trade Fair, where a business mission is planned for companies from Bashkortostan. Any enterprise from the republic can take part in this landmark event.
Uzbekistan has established itself as one of Russia’s key economic partners in post-Soviet space. Notably, 60% of foreign exchange transactions in trade between the two countries is conducted in national currencies – rubles and soms – which simplifies financial operations and strengthens the economic sovereignty of both nations.
Source
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