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Uzbek president approves agreement on protection of investments with Russia

19 June 2013

Uzbek President Islam Karimov has approved the Uzbek-Russian intergovernmental agreement on encouragement and mutual protection of investments.

The agreement was signed during President Karimov's official visit to Moscow in April this year.

According to the decree, the president instructed the Foreign Ministry to send a notification on Uzbekistan's implementation of the internal procedures necessary for the international treaty to come into force.

Russia is Uzbekistan's largest trading partner with a share of 29 percent of the country's trade turnover. As of 2012, Uzbekistan ranked fourth among the CIS countries in terms of bilateral trade turnover.

According to the State Statistics Committee, the trade turnover between Uzbekistan and Russia increased by 12.6 percent to 7.6 billion in 2012 compared to 2011.

At present, around 866 enterprises with Russian capital are operating in the country, including 721 joint ventures and 145 companies with full Russian capital. The representative offices of 102 Russian firms and companies have been accredited. Around 489 firms with participation of Uzbek residents have been created in Russia.