Tashkent, Uzbekistan (UzDaily.com) -- On 24 May 2019, Tashkent hosted the Uzbekistan-Singapore business forum, the main theme of which was raising awareness of participants with competitive advantages and drivers of national economies, as well as establishing new partnerships between government and business circles of the two countries.

The business forum was attended by President of the Republic of Singapore Halimah Yacob, Deputy Prime Minister of the Republic of Uzbekistan Jamshid Khodjaev, heads of relevant ministries and departments, industry associations of the two countries and heads of such large companies as Meinhardt, PSA International, Wilmar International, Changi International Airport, EINZ Engineering & Construction, Lazada Group, MSI Global, Engarde Ventures, TMC.

Addressing the participants of the business forum, Jamshid Khodjaev noted the positive dynamics of strengthening relations between Uzbekistan and Singapore, which received a significant impetus to development during the historic visit of the President of Uzbekistan Shavkat Mirziyoyev to Singapore on 17 January 2023, which opened a new chapter in the development of mutually beneficial cooperation between the two states, following the results which formed a portfolio of investment projects worth $3.8 billion.

The positive dynamics of foreign trade between Singapore and Uzbekistan was noted, the volume of which has increased several times since the beginning of the year.

Cooperation in the field of investment interaction and industrial cooperation is being increased. The number of joint ventures with Singaporean capital has increased 3.5 times over the past seven years.

With the largest Singaporean companies, joint projects are being implemented and developed in the field of "green" energy, agriculture, pharmaceutical industry, education, tourism, infrastructure development and privatization of assets of state-owned companies.

A layer of tasks implemented in Uzbekistan as part of improving the investment climate was announced. An administrative reform has been carried out, the process of joining the WTO has been activated, amendments to the Constitution have been adopted aimed at developing a free civil society, strengthening human capital, ensuring freedom of entrepreneurship, respecting the rights of investors, and ensuring the inviolability of private property.

In turn, the President of Singapore, Halimah Yacob, emphasized the priority of partnership in the investment, trade and economic sphere and industrial cooperation. Highly appreciating the results of mutual visits at the highest level, the President of Singapore expressed her firm commitment to further strengthening cooperation in priority areas.

Addressing the representatives of the business community, the distinguished guests confirmed the readiness of government circles to provide comprehensive support for the implementation of joint projects and initiatives and called on the heads of companies and corporations to expand cooperation and conclude new mutually beneficial contracts and agreements.

The event also included panel discussions on the development of partnerships in education, transport, urban planning, and finance.

As a result of the business forum, a solid package of investment agreements and trade contracts was signed in a number of areas of mutual interest to the business circles of Uzbekistan and Singapore.