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Kazakhstan to open new trade zone with Uzbekistan

3 October 2018 13:46 (UTC+04:00)
Kazakhstan to open new trade zone with Uzbekistan

By Abdul Kerimkhanov

A new international trade zone and Turkestan checkpoint will be opened jointly by Kazakhstan and Uzbekistan.

Kazakh President Nursultan Nazarbayev instructed the government to work out these issues.

This became known following a meeting on the socio-economic development of the Turkestan region of Kazakhstan.

“We should consider the possibility of creating an international trade zone “Central Asia”. This will give impulse to the development of the economy of both the Turkestan region and the entire republic. We have the potential to increase trade with Uzbekistan to $ 5 billion a year by 2020,” he said.

In this regard, Nazarbayev instructed the government, together with the regional administration (akimat) of Turkestan, to work with the Uzbek side on the creation of the international trade zone and new international checkpoint.

Uzbekistan and Kazakhstan currently experience a rise in mutual economic ties. In 2017, the trade turnover between the two Central Asian nations increased by 8.6 percent and exceeded $ 2 billion. In January-June 2018, the trade turnover between the two countries increased by 52 percent, with Uzbek exports growth of 48 percent.

Earlier this year, Uzbekistan and Kazakhstan agreed to take further measures to ensure the growth of trade turnover to $ 3 billion in 2018 and $ 5 billion by 2020. The countries also intend to increase the number of rail, bus and air communication between two states.

Uzbek investments in Kazakhstan for the past 10 years amounted to $ 31.3 million, half of which falls for 2016. Kazakh investments in Uzbekistan totaled $ 114.4 million in the past decade.

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