President of the Republic of Uzbekistan Shavkat Mirziyoyev, at the invitation of President of the Kyrgyz Republic Sadyr Japarov, pays a working visit to the city of Bishkek on November 5-6 to participate in the events of the next meeting of the Council of Heads of State of the Organization of Turkic States (OTS).
The economic potential of the countries of the OTS is very significant. In 2023, the total nominal GDP of the member countries and observers amounted to 1.7% of the world (about $1.8 trillion), and according to purchasing power parity (PPP) 3.1% of the world (about $5.7 trillion).
At the same time, the OTS countries have not only significant natural resources, but also developed manufacturing and mechanical engineering, especially Hungary and Turkey. The textile, electrical engineering, machine-building, and chemical industries are dynamically developing in Azerbaijan, Kazakhstan, Kyrgyzstan, and Uzbekistan. In addition, the OTS countries produce large volumes of agricultural products.
The total foreign trade turnover of the OTS member countries in 2023 amounted to more than $1.2 trillion.
Uzbekistan's trade in goods (excluding services) with the OTS countries has grown almost 2.8 times over the past 7 years from $3.34 billion (2016) to $9.4 billion (2023). Exports increased 1.9 times from $1.71 billion (2016) up to $3.2 billion (2023). Imports increased 3.8 times from $1.63 billion (2016) to $6.2 billion (2023).
During this period, the share of OTS countries in Uzbekistan's trade turnover increased from 16.5% to 17.1%, in exports decreased from 19.1% to 16.7%, in imports increased from 14.4% to 17.4%.
In 2023, Kazakhstan – 44.9% ($4.2 billion) and Turkey – 31.0% ($2.9 billion) occupied the largest share in Uzbekistan's trade turnover with the OTS countries, followed by Turkmenistan – 11.3% ($1.1 billion) and Kyrgyzstan – 9.5% ($894 million), and Azerbaijan – 2.3% ($215 million) and Hungary – 1.0% ($90 million).
In the first 9 months of 2024, compared to the same period in 2023, Uzbekistan's trade turnover with the OTS countries decreased by 7.2% from $7.41 billion to $6.88 billion, exports increased by 12.8% from $2.85 billion to $2.49 billion, imports increased 3.6% from $4.56 billion up to $4.4 billion.
According to the results of 9 months of 2024, industrial goods occupied 35% of the structure of Uzbekistan's exports to the OTS countries, machinery and transport equipment – 22%, food products occupied 11%, chemicals and similar products – 10%, various finished goods – 5.3%, non–food raw materials – 2.4%, beverages and tobacco – 2.3%, mineral fuels and lubricating oils – 1.8%, and services – 12%.
An analysis of the mutual trade of the OTS countries shows that within the organization, the distribution of trade volumes is carried out in accordance with the established relations between traditional trading partners and is not related to their presence in the same organization.
Tourist exchanges and mutual investments are growing. In 2023, the volume of foreign direct investments in the economies of the OTS states reached $50 billion, which is 1.5 times more than in 2017 (about $30 billion).
Over the past 5 years, the number of joint ventures with foreign capital has increased from 53 thousand to 92 thousand units.
In 2021-2023, the member countries of the OTS invested more than $5 billion in the economy of Uzbekistan.
Since the beginning of 2024, over 500 new enterprises with the capital of the OTS member countries have been created in Uzbekistan, and their total number has reached 4,000 (28.8% of the total number of enterprises operating in the republic with the participation of foreign capital).
CERR Public Relations Service
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