New stage of cooperation between business circles of Uzbekistan and Germany

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May 16, 2018

New stage of cooperation between business circles of Uzbekistan and Germany

On May 15, regular meeting of the German-Uzbek Business Council was held in Tashkent.

It was attended by representatives of ministries and departments, companies and concerns of the two countries responsible for foreign economic relations, trade, investment, finance, construction materials, agricultural machinery, automotive, chemical, electrical engineering, banking, tourism, services and other spheres.

The Prime Minister of the Republic of Uzbekistan A.Aripov, co-chair of the German-Uzbek Business Council, Executive Director of the company “Knauf Gips KG” M.Grundke and others noted that cooperation between the two countries is actively developing in all directions, an important factor is the ongoing work on attracting foreign investment in the country’s economy and increasing its attractiveness.

The Action Strategy on five priority areas of development of the Republic of Uzbekistan in 2017-2021 defined the tasks for further development and liberalization of the economy, strengthening macroeconomic stability, maintaining high rates of economic growth, improving the competitiveness of the national economy, active attraction of foreign investments in the economy and regions of the country by improving the investment climate.

Today in Uzbekistan there are more than 5 thousand companies with foreign capital, including 132 enterprises created together with German business people. Development of mutually beneficial and long-term partnership with leading companies in Germany is of great importance. Currently such companies and enterprises which are leaders in their industry, as “MAN”, “Claas”, “Lemken”, “Knauf” and others are successfully operating in Uzbekistan. Investment projects in cooperation with “Siemens”, “Bosch”, “Viessmann”, “Humana”, and many other companies are being developed.

The flow of German investments attracted to the Uzbek economy is increasing. Efforts of Uzbekistan to create benefits and preferences for foreign investors are highly appreciated by German business community.

Within the framework of the meeting, the Chamber of Commerce and Industry, the Ministry for Foreign Trade and the State Committee of the Republic of Uzbekistan on Investments organized the Uzbek-German business forum and cooperation exchange for business circles of the two countries.

Chairman of the Chamber of Commerce and Industry of Uzbekistan A.Ikramov informed German entrepreneurs about the ongoing large-scale reforms in the country, in particular on improvement of the business environment, protecting small business and private entrepreneurship, increasing the investment attractiveness of the country’s economy, as well as conditions created for investors in free economic zones.

Members of the business delegation of Germany highly appreciated conditions created in the country for investors, noted the importance of this business forum as a platform for exchange of experience between representatives of business community.

150 domestic entrepreneurs and representatives of 40 large German companies took part in the cooperation exchange. Organization of new joint ventures, implementation of investment projects and conclusion of mutually beneficial agreements were discussed.

On the same day, the German delegation visited the Algoritm plant in Tashkent. Business people from Germany intend to organize a small industrial zone here.