The press-service of the Ministry of Foreign Economic Relations, Investment and Trade of Uzbekistan said that the final document of the meeting was signed after the meeting.

At the session, the sides exchanged information and discussed issues on implementation of protocol decision of the thirteenth session of intergovernmental commission, which was held in May 2011 in Moscow. The sides considered issues of bilateral cooperation, including current state and perspectives of trade-economic and investment cooperation, expanding legal and agreement framework, as well as developing relations in transport, scientific-technical region, environment protection and others.

Deputy Prime Minister of Russia Dmitry Kozak is co-chairperson of the intergovernmental commission on economic cooperation from Russian side, while First Deputy Prime Minister Rustam Azimov is co-chairperson from the Uzbek side.

Russia is largest trade partner of Uzbekistan. Trade turnover between Uzbekistan and Russia made up US$6.688 billion in 2011. In nine months of 2012, trade turnover between two states hit US$5.58 billion.

Currently, there are 858 enterprises in Uzbekistan with Russian capital, of which 716 enterprises are joint ventures and 142 foreign companies with 100% Russian capital.

Total volume of Russian investments at formation of charter capitals makes up over US$500 million.

Some 106 firms and companies from Russia accredited in Uzbekistan. Some 473 enterprises with investments from Uzbekistan operate in Russia.

Russia is one largest investors to fuel and energy sector of Uzbekistan. Russian companies are engaged in implementation of oil and gas projects in Uzbekistan.

For example, Lukoil implements projects within three product-sharing agreements on development of oil and gas fields in Uzbekistan – Southern Ustyurt region, Kandym Group of fields, Khauzak-Shady and Kungrad, Aral Sea Basin with total volume of investments for US$2 billion.

At the same time, Gazprom participates in project on exploration of investment block in Ustyurt region with total investments for over US$380 million.

Rustam Azimov said that Lukoil and Gazprom implement projects on oil and gas production in Uzbekistan with total investments of over US$6 billion. He said that unfortunately, over 80% of total Russian investments were directed to oil and gas sector.

Uzbek official said that Uzbekistan is ready to implement joint projects on high technologic productions in machinery, electrotechnical products, petrochemical goods, pharmaceuticals, construction materials and food products.

First Deputy Prime Minister of Uzbekistan said that Uzbekistan is sure that the programme of economic cooperation between two states for 2013-2017 and action plan on its implementation will help to expand investment cooperation.