Tatarstan-Uzbekistan Trade Could Reach US$500 Million

Trade between Tatarstan and Uzbekistan is projected to hit US$500 million by year-end, marking an approximate 13.5 percent increase from the previous year, announced Oleg Korobchenko, Tatarstan's Deputy Prime Minister and Minister of Industry and Trade. He made this statement at the Tatarstan-Uzbekistan business forum in Kazan, an event that drew around 200 businesses from both regions. Prior to the forum, Korobchenko toured an exhibition showcasing Uzbek products.

Korobchenko noted that nearly all major Tatarstan enterprises engage with the Uzbek market, either by supplying goods or procuring raw materials. He specifically highlighted collaboration in the light industry, where Tatarstan companies, which process synthetic fiber from oil, regularly acquire cotton and wool from Uzbekistan.

Tatarstan was among the first Russian regions to invest in Uzbekistan, establishing four industrial parks in Chirchiq, Navoi, Jizzakh, and Bukhara. Korobchenko reported that the Chirchiq industrial park, founded in 2021, is fully occupied, and the other sites are also operational. He emphasized the low rental costs in these zones, ranging from US$1.5 to US$2 per square meter, and the absence of taxes and additional fees for residents.

Taliya Minullina, Head of the Tatarstan Investment Development Agency, stated that Russian investments in Uzbekistan total nearly US$5 billion, though she observed that Uzbek investments in Tatarstan are considerably lower. She attributed the growing closeness between the two business communities to historical and cultural ties, Uzbekistan's openness to investment, and the active participation of entrepreneurs at the mid-summer forum.

Odilkhon Rustamov, Deputy Chairman of the Chamber of Commerce and Industry of Uzbekistan, reported that mutual trade between Uzbekistan and Russia has reached approximately US$13 billion, with the number of Russian-capitalized enterprises in Uzbekistan continuing to rise. He identified the textile and leather industries, food and chemical production, furniture and construction sectors, and the agro-industrial sector as the most promising areas for collaboration.

Shamil Ageev, Chairman of the Chamber of Commerce and Industry of Tatarstan, brought to the attention of Uzbek participants the current challenges faced by small and medium-sized businesses in Russia, including tax issues. Nevertheless, he affirmed that Tatarstan's market remains open to new partners despite broader external economic pressures.

Uzbek manufacturers also showcased their products at the forum, including a Tashkent weaving factory that produces knitwear, towels, and bed linen made from 100 percent cotton. According to Maksud Shakirov, a representative of the factory, the enterprise produces 6.5 metric tons of fabric daily and already supplies garment factories in Moscow and Kostroma specializing in children's clothing.

The Uzbek delegation at the forum, led by Odilkhon Rustamov, comprised over 100 entrepreneurs.