Uzbekistan intends to join the World Trade Organization
Uzbekistan intends to join the World Trade Organization. For this purpose, the country will adopt an investment code. Sodiq Safoyev, first deputy chairman of the Senate of Olyi Majlis, believes that Kazakhstan is an example for the republic in fulfilling all conditions to join the WTO and harmonizing legislation that regulate foreign trade activities. The influx of foreign investment in this state served as a solid basis for economic growth.
SODIQ SAFOYEV, FIRST DEPUTY CHAIRMAN, SENATE OF OLIY MAJLIS OF UZBEKISTAN:
- We want to learn from Kazakhstan's experience on this matter, namely, the productive work of local executive bodies in attracting investments. We plan to take into consideration their good ideas to improve the work conditions of entrepreneurs. Kazakhstan’s experience is very important.
Today representatives of Kazakhstan’s business community are actively working in Uzbekistan. There are approximately 250 Kazakh enterprises operating in the neighboring state. More than 200 joint companies and nearly 40 production facilities with the participation of the Kazakh capital are functioning in Uzbekistan. According to experts, there is a great opportunity to export domestic products for the world markets.
FAKHRIDDIN KARATAYEV, MEMBER OF MAJILIS, LOWER HOUSE OF KAZAKH PARLIAMENT:
- Joining the world trade organization is an important stimulus for development of domestic and Uzbek business. Many jobs have been created and many plans have been realized by businessmen. For example, there are projects like ‘Western China - Western Europe’ and ‘Silk Road’. Many products are exported through Kazakhstan. This is an excellent result.
The joint ‘Road Maps’ designed to expand horizons of cooperation between the countries have been developed. Thanks to this, the trade turnover between Kazakhstan and Uzbekistan has already increased by 30%. The volume of bilateral trade is expected to increase to US$5 billion by 2019 which is 2.5 times higher comparing to the current figure.