General Director of JSC «Qaztrade» of Ministry of Trade and Integration of the Republic of Kazakhstan Azamat Askaruly within the framework of a working trip to the Republic of Uzbekistan held a meeting with Deputy Minister of Investment and Foreign Trade Badriddin Abidov.
Deputy Minister Abidov informed the head of QazTrade about the work of Uzbekistan on the country’s entry into the World Trade Organization. “Kazakhstan has already entered the WTO six years ago. We are now in the middle of this process. Your experience of negotiations would be very useful for us,”said Badriddin Abidov.
At the meeting, the parties also discussed the potential for the development of mutual trade. Kazakhstan is one of the five leading foreign economic partners of Uzbekistan, while Tashkent is a key trade partner of Kazakhstan in the Central Asian region.
Azamat Askaruly recalled that the governments of the two countries planned to increase bilateral trade to $ 10 billion. “Unfortunately, due to the pandemic, it has decreased by 14%. But we are confident that this year our countries will be able to restore and increase trade turnover,” said the head of QazTrade.
In particular, Kazakhstan is interested in the fruit and vegetable and light industry of Uzbekistan and is ready to offer agricultural, pharmaceutical and building materials.
An important topic of the conversation was the plans to enter the Uzbek market of a large Kazakhstani retailer Magnum.
In 2021, JSC “Magnum” plans to open the first hypermarket in Uzbekistan.
Azamat Askaruly informed his Uzbekistan colleague about the activities of the retailer in Kazakhstan.
“The retailer’s stores are popular in Kazakhstan. Also as a result of wide and high-quality selection of food and non-food products at an affordable price,” Askaruly said.
One of the retailer’s distinctive features is its focus on local assortment. Moreover, over 30% of the shelves of “Magnum-Uzbekistan” will be filled with products of Kazakhstan production. Including Kazakhstan brands that have not previously entered the Uzbekistan market.
During the trip, Azamat Askaruly also studied the experience of the Chamber of Commerce and Industry of Uzbekistan. One of the activities of the CCI of Uzbekistan is also supporting the foreign economic activity of business entities.
The parties also discussed the possibility of creating joint events to support manufacturers of the two countries and to enter their products into the markets of third countries using the capabilities of Kazakhstan.
“Kazakhstan has a well-developed transport infrastructure, including transit. Through the creation of joint ventures, including within the framework of the future International Center for Trade and Economic Cooperation, the products of joint Kazakhstan-Uzbekistan enterprises will receive customs-free access to the market of the Eurasian Union countries. In addition, we can promote jointly produced goods through our logistics centers both to the Chinese market and to the EU countries,” Azamat Askaruly said at a meeting with Farizshokh Usmanov, Deputy Chairman of the Chamber of Commerce and Industry of Uzbekistan.
The parties agreed to consider the possibility of jointly developing new markets for the export of goods of the two countries to third countries, as well as conducting joint trade and economic missions, exhibitions and participation in international events.