The Minister of Investment, Industry and Trade of Uzbekistan, Laziz Kudratov, reported in an interview with The Washington Times that Uzbekistan has completed the implementation of projects totaling $7 billion from a portfolio of commercial agreements with the United States, which is valued at $35 billion.
According to the minister, this amount constitutes approximately one-fifth of all agreements reached between the two countries last year. Kudratov linked the successful implementation of investment projects to the reforms being carried out in Uzbekistan since 2017.
Kudratov emphasized that, in his assessment, economic growth and the results of investment activities are due to the system established under President Shavkat Mirziyoyev. He specified: 'We agreed on a portfolio of projects worth $35 billion. And out of these $35 billion, we have already implemented and completed projects worth $7 billion.'
It is noted, however, that an independent public audit of the stated sum of $7 billion has not been conducted.
In July, President Shavkat Mirziyoyev signed a law establishing the Tashkent International Financial Centre. According to Kudratov's information, this new structure is intended to provide a 'predictable environment' for international investors familiar with Western financial and governmental systems.
According to the National Statistical Committee of Uzbekistan, as of September, the country had over 21,000 enterprises with foreign capital, with about 78% of them owned by fully foreign investors. This is a significant increase compared to 2017, when there were just over 4,000 such enterprises.
Laziz Kudratov also announced that trade turnover between Uzbekistan and the United States exceeded $1 billion for the first time last year.
Special attention in bilateral relations is paid to critical minerals. In February, the Foreign Minister of Uzbekistan, Bakhtiyor Saidov, signed a memorandum of understanding with the American side in this area, and also registered a framework agreement on joint investments with the U.S. International Finance Corporation.