Tashkent, Uzbekistan (UzDaily.com) -- On 11 December, a virtual business forum "Italy-Uzbekistan" will take place, which will be attended by about 1000 representatives of business circles of the two countries, as well as businessmen from other states.

Otabek Akbarov, Ambassador Extraordinary and Plenipotentiary of Uzbekistan to Italy, said:

- The Italian Republic is one of the founding countries of the European Union, is the third economy of the Eurozone and a member of the G-7 and G-20 formats, and also has significant economic, industrial and scientific potential.

Italy is one of the ten largest countries in the world in terms of foreign trade. The country has extensive experience and advanced technologies in the automotive, oil and gas, chemical, pharmaceutical, mining, metallurgical, construction, furniture, leather and textile industries, agricultural production, household appliances, clothing and footwear, wine, pasta and dairy products.

The creation of joint ventures between Uzbek and Italian companies in these areas makes it possible to produce modern products for the local market in Uzbekistan, expand export opportunities, create jobs and contribute to the innovative development of the republic's economy.

There is a reserve for a significant increase in trade between Uzbekistan and Italy from the current US$402.3 million to US$1 billion in the coming years. Most of the imports from Italy consist of equipment that is used to set up manufacturing plants in various sectors of the economy.

In Italy, there is a stable interest in the supply of textile, agricultural and leather products from Uzbekistan. There are prerequisites for expanding the range of exports to Italy due to medicinal herbs, silk and woolen fabrics, ready-made clothes, and cables. The tourist flow from Italy to Uzbekistan is steadily growing.

A number of regions of Italy, in particular Lombardy, Veneto, Campania, Marche and Tuscany, are showing interest in developing cooperation with Uzbekistan in the spheres of economic, cultural and humanitarian cooperation. We have exchanged visits with them, and have reached specific agreements.

All the necessary legal and institutional foundations are in place for a significant expansion and activation of economic ties with Italy. Thus, the bilateral legal framework includes about 4 agreements in the economic sphere, 6 new documents are being worked out, as well as a number of memorandums.

The Embassies of Uzbekistan and Italy in Rome and Tashkent, the Intergovernmental Working Group on Trade, Economic and Industrial Cooperation and Export Credits, the Italy-Uzbekistan Chamber of Commerce, the Honorary Consulate of Uzbekistan in Kazerta, as well as friendship groups in the parliaments of the two countries function. It is planned to open a branch of the Confederation of Italian Industry "Confindustria Uzbekistan" in Tashkent soon.

In Italy, there are special agencies designed to facilitate the establishment and development of business relations between companies in the country with foreign partners. These include SACE, SIMEST, ICE / ITA, Confindustria, AICE and Unioncamere, as well as industry and regional associations.

Luca Picasso, vice-president of the branch of the General Confederation of Italian Industry (Confindustria) in Russia, president of Confidustria in Uzbekistan, noted:

- Uzbekistan is an extremely attractive region for Italian business with great potential for the development of long-term cooperation.

If we talk about specific industries, then, first of all, it is worth mentioning the oil and gas and mining spheres, as well as metallurgy. By the way, the producers of gold, silver, copper and other non-ferrous metals, many of which are now especially in demand from the high-tech industries of the modern low-carbon economy, were least affected by the coronavirus crisis of 2020 and are actively exploring the possibilities for introducing new solutions for the automation and digitalization of their industries. ...

Italian engineering and technology companies have extensive expertise in this area, and they will definitely have something to offer their potential business partners in Uzbekistan.

Another important task for Uzbekistan, in the solution of which Italian business can take part, is the development of infrastructure, including the construction of modern roads.

At the same time, one should not forget about such traditional economic sectors for both countries as agribusiness and textile production. Italy by its example proved to the world that these industries can also make a significant contribution to GDP.

The upcoming business forum, first of all, will provide an opportunity for all its participants to get to know each other better, find more common points of interest and discuss existing opportunities for cooperation.

This year, due to epidemiological risks and border closures, we will have to meet in an online format, but we hope that in the relatively near future, when the situation with the spread of the virus is taken under control, we will also be able to return to a more comfortable and familiar environment. all format of personal meetings.

Incidentally, I think that overcoming the economic consequences of the coronavirus crisis and opportunities for facilitating bilateral cooperation in the current situation will also become important topics for discussion at the forum.

We see a high degree of interest, both on the part of the leadership of Uzbekistan and on the part of representatives of Uzbek business, in the development of bilateral economic relations and attracting foreign investment. It is not for nothing that in 2020 Uzbekistan rose by 7 positions in the prestigious Doing Business rating and entered the top 20 states of the world that have made the greatest progress in improving the business climate. This certainly motivates Western companies to look for new opportunities for business development in this country.