TASHKENT: Uzbekistan, a Central Asian country teeming with natural resources, said Wednesday it had signed deals for US companies to invest in its minerals sector as demand for the commodity soars.
Critical minerals such as copper, lithium and cobalt are essential for manufacturing high-tech products like electric cars and solar panels.
Both the US and European Union are seeking to reduce their dependence on China, currently the world’s top producer of critical minerals.
On Monday, an Uzbek government delegation signed a critical minerals agreements with US companies in Washington, Uzbekistan’s trade ministry said in a statement.
“These agreements encompass investments in the exploration and extraction of minerals,” including the construction of grinding machinery and training for Uzbek specialists, it added.
The former Soviet republics of Central Asia have attracted interest from Western countries seeking to diversify their energy and supply chains away from Russia and China.
Uzbek President Shavkat Mirziyoyev has been trying to liberalise his country’s economy after a quarter century of isolation during his predecessor’s era.
He announced a $2.6-billion investment plan for the country’s minerals sector in March.
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