Tashkent, Uzbekistan (UzDaily.com) -- On 10 May 2023, a solemn ceremony of signing a Memorandum of Cooperation between the Uzbek Commodity Exchange (UZEX) and the Association of Chinese Entrepreneurs in Uzbekistan was held in Tashkent.

The event was attended by representatives of over 30 Chinese companies, as well as managers, specialists and brokers of the Uzbek Republican Commodity Exchange.

Ziyoviddin Badriddinov, Chairman of the Board of the UZEX, noted that the signing of the Memorandum will help unlock untapped potential and opportunities to increase the volume of mutual trade between the two countries through the use of exchange trading mechanisms.

Chairman of the Association of Chinese Entrepreneurs in Uzbekistan, Mr. Cui Haibo: “Our association serves as a reliable bridge between entrepreneurs from China and Uzbekistan. We hope that cooperation with the Uzbek Republican Commodity and Raw Materials Exchange will allow us to write a new chapter in the development of trade and economic relations between our countries.”

As part of this event, the parties also exchanged Certificates of strategic partnership between the UZEX and the Association of Chinese Entrepreneurs in Uzbekistan.

During the meeting, a new presentation video about the activities of the exchange was shown to the visitors of the exchange. The guests got acquainted with the latest achievements in the field of exchange trading and e-commerce, exchange tools, as well as the current state and future plans of the UZEX exchange.

As noted, the exchange ensures transparency of trade and mutual settlements, provides direct access to reliable producers, guarantees payment and delivery of goods. Foreign companies are also exempt from paying commission fees and depositing collateral when concluding foreign trade transactions on the stock exchange.

At the end of the event, B2B negotiations were held to develop business relations between enterprises of Uzbekistan and China using exchange instruments and market mechanisms.

Currently, foreign trading platforms of the exchange are opened in the cities of Kuitun, Urumqi and Qingdao. Since the beginning of this year, the exchange has concluded transactions with the participation of Chinese companies in the amount of more than 17.0 million US dollars.