Tashkent, Uzbekistan (UzDaily.com) -- During a business forum between entrepreneurs of Uzbekistan and Kazakhstan with the participation of Minister of Investments and Foreign Trade Jamshid Khodjaev and Deputy Prime Minister of the Republic of Kazakhstan Serik Jumangarin, UzAuto Motors, Development Bank of Kazakhstan and Allur Company (Kazakhstan) signed a number of agreements on the implementation of joint projects worth US$570 million.

UzAuto Motors JSC and the Development Bank of Kazakhstan have reached an agreement to finance a project for the production of Chevrolet Onix cars in Kazakhstan using the small-knot method with an annual volume of 30,000 units per year at the facilities of the Allur automobile plant. To implement the project, investments in the amount of about US$50 million will be attracted, which will allow UzAuto to strengthen its position in Kazakhstan and develop other potential export markets.

The agreement signed between UzAuto Motors and Allur on increasing the volume of exports of car kits to Kazakhstan to the Allur plant in the amount of US$500 million will also contribute to expanding the export potential of Uzbekistan.

In addition to projects in Kazakhstan, UzAuto Motors reached an agreement with Kazakh partners on cooperation in the implementation of a modern, innovative spare parts distribution center in Uzbekistan. The result of this agreement will be attracting investments to Uzbekistan in the amount of US$20 million, as well as optimizing logistics chains and supply routes and reducing the cost of transporting goods.

In the long-term plan for the development of cooperation, the parties agreed on the possibility of updating and expanding the range of cars, based on the needs of the sales markets and consumer demand. Mutually beneficial cooperation in the automotive industry will give a new impetus to the economic development of the two states, will expand regional cooperation, thereby creating a solid foundation for the further development of export markets.