(MENAFN- Trend News Agency) TASHKENT, Uzbekistan, December 4. Uzbekistan and Russia discussed existing mechanisms for supporting small and medium-sized businesses in both countries, as well as opportunities to expand business cooperation between entrepreneurs, Trend reports via the Uzbek Chamber of Commerce and Industry.

The discussed matters were addressed at a meeting in Tashkent between Alisher Shaikhov, Adviser to the Chairman of the Chamber of Commerce and Industry of Uzbekistan, Kamolat Mirzaliyeva, Chairwoman of the Uzbekistan Small Business Association, and Nikita Bantsekin, Deputy Director General of Russia's SME Development Corporation.

A memorandum of understanding was signed between the Uzbekistan Small Business Association and the Russian SME Development Corporation, laying the groundwork for enhanced cooperation and the creation of new opportunities for entrepreneurs in both nations.

The agreement emphasized the importance of implementing joint projects, developing new areas of industrial cooperation, and strengthening interactions between business entities. Participants also highlighted the need to foster an environment conducive to increasing enterprise competitiveness, facilitating knowledge exchange, and expanding investment collaboration.

In parallel, bilateral trade turnover between Uzbekistan and Russia saw a more than 5% increase in 2024, surpassing $10 billion. For the first nine months of the current year, mutual trade continued to rise, recording an additional 8% growth.

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