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Kyrgyz businessmen experience difficulties in trade with Uzbekistan

Kyrgyz businessmen experience difficulties in trade with Uzbekistan because of problems in exchange of soms and dollars into soums. The Economy Minister of Kyrgyzstan Artem Novikov said at a meeting with the Minister of Foreign Trade of Uzbekistan Jamshid Khodjaev.

The head of the Ministry of Economy noted the positive trend in the development of trade relations between the countries. At the same time, the authorities of the republic should take all measures to create conditions for the development of trade and market relations.

Now, Kyrgyz companies face difficulties in the implementation of contracts (exports) in terms of converting Uzbek soums into Kyrgyz soms and dollars. The Kyrgyz side is ready to supply products for Kyrgyz soms and dollars.

«The framework agreement signed on December 13, 2017 between the Ministry of Economy of Kyrgyzstan and the Ministry of Foreign Trade of Uzbekistan on the development of cooperation in trade finance opens prospects for cooperation between the banks of the two countries, including the unhindered opening of correspondent accounts between the banks of the two countries,» Artem Novikov noted.

He asked his colleague to assist in opening a correspondent account in Uzbek soums at the state-owned joint-stock commercial bank «Asaka» (Asaka Bank). Artem Novikov is confident that this will allow converting in national currencies and will promote the development of trade relations.

Within the framework of the visit of the Uzbek delegation to Kyrgyzstan, an agreement on cooperation between RSK Bank OJSC KR and the National Bank for Foreign Economic Activity of the Republic of Uzbekistan and a partnership agreement between Aiyl Bank OJSC and Asaka Bank are expected.

Delegation from Uzbekistan headed by Foreign Trade Minister Jamshid Khodjaev pays a visit to Kyrgyzstan. The sides held talks, a meeting of businessmen of the two countries took place. The delegation will visit the enterprises of Sokuluk and Issyk-Ata districts. It is expected that tomorrow the delegation will visit a number of enterprises in Osh city.