UBTIC-2022: New opportunities for increasing bilateral trade and investment
Tashkent, Uzbekistan (UzDaily.com) -- On 30 November, the 26th meeting of the Uzbek-British Trade and Industry Council (UBTIC) was held in Tashkent, which was attended by heads of ministries and departments of the two countries, as well as heads of order 70 leading companies, financial institutions and universities in the UK.
Addressing the participants of the event with a welcoming speech, Badriddin Abidov, Deputy Minister of Investments and Foreign Trade of the Republic of Uzbekistan, noted the positive dynamics of the Uzbek-British trade, economic and investment cooperation. In recent years, the number of enterprises with the participation of British capital in Uzbekistan has grown to 338, of which 215 are joint ventures and 123 with 100% British capital. Thanks to the comfortable investment climate created in the country, these companies successfully carry out their activities in the agricultural, food, mining, pharmaceutical, textile and chemical industries, and they are represented in the services and trade sectors. In many respects, this is facilitated by the status of a beneficiary of the expanded scheme of the Generalized System of Preferences of Great Britain Enhanced GSP, received by Uzbekistan.
The constructiveness of systemic reforms in the country, the consistent and intensive work on Uzbekistan’s accession to the WTO, as well as the active support of the British side in the process of joining the republic to this Organization were noted. The full readiness of the government to provide comprehensive support for the activities of foreign investors was emphasized. The present heads of British companies were invited to actively interact with Uzbek partners.
In turn, the UK Trade Commissioner for Eastern Europe and Central Asia - Consul General in Istanbul Kenan Poleo, Director General of the UK Department of International Trade Andrew Mitchell in their speeches emphasized the importance of the annual meetings of UBTIC, which are an effective platform for discussing promotion opportunities and increase bilateral trade and investment. Pointing to the existing potential for the development of investment cooperation in various sectors of the economy of Uzbekistan, a favorable investment climate, they also called on representatives of British companies to expand their activities in the rapidly developing market of Uzbekistan.
Within the framework of the meeting, four sectoral sessions were held to discuss the provision of professional financial services, infrastructure modernization, the development of the construction sector, and the effective use of the UK’s Enhanced Generalized System of Preferences (Enhanced GSP). As part of the dialogues that unfolded during the session, the prospects for the participation of British investors in the privatization program implemented in Uzbekistan, the IPO of a number of the largest Uzbek companies, the possibility of joint implementation of large investment and infrastructure projects on the basis of public-private partnerships and the potential for cooperation between the two countries in the field of education were discussed.
On the sidelines of the event, the participants were also able to hold negotiations in the B2B and G2B format in order to discuss more substantively the financial and technical aspects of interaction within the framework of the implementation of specific investment projects and initiatives.
As a result of the Uzbek-British Council for Trade and Industry, 8 bilateral documents were signed in the areas of trade, textile industry, mining, environmental protection, education and culture, as well as a joint UBTIC Action Plan (“Roadmap”) for 2023 .