Trade Volume Between Turkey and Uzbekistan Reaches 3.5 Billion Dollars
Trade and economic relations between Turkey and Uzbekistan have shown impressive growth: from 1.2 billion dollars in 2016, the volume of bilateral trade has increased to 3.5 billion dollars in 2024. This growth has been made possible by a new phase of cooperation that began after Turkish President Recep Tayyip Erdoğan’s visit to Samarkand in November 2016.
Since this meeting, the presidents of the two countries, Shavkat Mirziyoyev and Recep Tayyip Erdoğan, set ambitious goals: to reach a trade volume of 5 billion dollars initially, and eventually 10 billion dollars. By 2020, trade had reached 2.1 billion dollars, and in 2023 it reached 3.1 billion dollars. In 2024, trade grew to 3.5 billion, marking another step towards achieving the set goals.
Turkey, with a 5% share of Uzbekistan’s foreign trade, is the 4th largest trading partner of Uzbekistan and is among the leaders in the number of companies established in the country.
Associate Professor Dr. Nurgül Bekar, who completed her academic research in Tashkent, emphasizes that the relations between Turkey and Uzbekistan are based on fraternal ties, shared history, and cultural and religious unity. According to her, the strategic partnership achieved in the last ten years has allowed for cooperation in politics, economy, culture, tourism, transport, defense, and other areas.
Beneficial Sectors for Turkish Investors
Given Uzbekistan’s policy of openness and market reforms, Turkish investors are active in the textile, agricultural, and construction sectors, which are considered the most promising areas for cooperation. The Joint Intergovernmental Commission on Economic Cooperation is actively promoting initiatives in these sectors.
Role of the Organization of Turkic States
The Organization of Turkic States (OTS) plays a significant role in bringing the two countries closer together. Uzbekistan’s return to the OTS in 2019 provided a strong impetus for regional partnership. According to Dr. Bekar, the continued institutionalization of the OTS not only strengthens the ties between Turkey and Uzbekistan but also fosters cooperation with other countries in the region.
