During his visit to Tashkent, President Khürelsükh was accompanied by a large delegation from the Mongolian business community. Over the past two years, the Uzbek economy has grown strongly, doubling all its indicators.
Tashkent () – The recent visit of Mongolian President Ukhnaagiin Khürelsükh to Uzbekistan has opened up great prospects for the active involvement of Mongolians in the markets and initiatives of all Central Asian countries. In addition to the meeting in Tashkent with President Šavkat Mirziyoyev, there were also important and well-attended meetings between representatives of industrial and commercial groups from both countries, who tried to materialize the intentions of their heads of state with important investment and economic exchange projects.
Khürelsükh and Mirziyoyev expressed their joint intention to increase trade between Mongolia and Uzbekistan by 10-20 times in a short period of time, and to support enterprises in cutting-edge sectors of the economy, such as mining, agriculture, transport and logistics, and tourism. An agreement was signed on the development of trade, economic and investment cooperation for the years 2024-2026, which will be implemented in a number of projects, to achieve mutually beneficial opportunities in just two years.
At present, 10 Mongolian companies already operate in Uzbekistan, but the business forum organised in Tashkent during the presidential visit was attended by more than 300 companies from both countries. Representatives of the Mongolian Chamber of Commerce and the Chamber of Industry of Uzbekistan also attended, who expanded the existing cooperation agreement and formed a joint council for its implementation. The aim of the Council will be to bring together and coordinate investors, opening up prospects for dialogue and collaborative initiatives in all spheres of trade, investment, services and industry.
At the forum, cooperation agreements were signed between several Mongolian companies, such as Tavanbogd Solutions, Mongol Basalt, Network Doctor Auto and Era Fruits, and their Uzbek counterparts. One of the most important of these is the implementation in Uzbekistan of the Nura (Nuclear Receptor Activity dataset) project, which aims to measure bioactivity molecules with nuclear receptors by comparing toxicological and pharmacological data, in order to detect cancers and other lifestyle-related diseases in advance, thus making use of advanced technologies and artificial intelligence.
Representatives of more than 40 domestic manufacturers and small and medium-sized businesses were also present in the delegation from Ulaanbaatar. Trade between the two countries amounted to about $10 million last year and has been growing steadily since the coronavirus pandemic, although it is currently limited to a small group of products and goods. Mongolia’s exports to Uzbekistan amounted to $4.6 million, mainly for the processing of sheepskins, offal and frozen meat of lamb, goat and other animals, while Uzbekistan imported fruits and food products, refrigeration equipment and cars worth $5.4 million.
Joint investment programmes are one of the main directions of Shavkat Mirziyoyev’s policy to overcome the backwardness and stagnation inherited from the quarter-century presidency of his predecessor Islom Karimov. Over the past two years, the Uzbek economy has grown significantly, doubling all its indicators and bringing GDP to a level 1.5 times higher than before, greatly increasing the number of active enterprises and raising overall production by over 40%. Last year, Uzbek GDP exceeded $90 billion, more than $2,500 per citizen, with a foreign trade balance of about $63 billion. Uzbekistan is landlocked, but rich in natural resources: it is the fourth country in the world in gold reserves and the seventh in the extraction of rare minerals.
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