A delegation of Chinese businessmen headed by the Minister of Finance of China Mr. Jin Renqing visited Uzbekistan on 6-9 July.

The visit of the delegation of the People’s Republic of China (PRC) illustrates the interest of the Chinese business circles in the expansion of mutually beneficial business contacts with Uzbek partners. Among the members of the delegation are the presidents of large companies, associations, corporations, heads of largest industrial enterprises of the electrical, construction, food, light industries, agricultural machinery building, and others.

According to the trade and economic agreement signed by Uzbekistan and the PRC in January 1992, the two countries have created most favourable for the development of bilateral cooperation. The PRC holds the leading position among Uzbekistan’s trade partners. This visit was organised by the Chamber of Industry and Commerce of Uzbekistan for the purpose of further development of bilateral relations between Uzbek and Chinese entrepreneurs, and attraction of Chinese investments for the development of the production at small and private enterprises in Uzbekistna.

Currently 136 enterprises fully or partially based on Chinese capital operate on the territory of Uzbekistan (105 - joint ventures, 31 – foreign enterprises). They mainly operate in light industry, agricultural product processing, provision of services, and other spheres. Over 26 offices of Chinese companies are accredited in Uzbekistan.

Last year, the volume of bilateral trade totaled US$596.5 million. In January-May this year, trade between Uzbekistan and China comprised US$300.76 million (up 92% against the same period of 2006).

Within the frame of the visit, the delegation met with the managers of the largest enterprises and companies of Samarkand, Bukhara, and Tashkent. Presentations of the local enterprises’ exporting and investment potential were made. The parties discussed the prospects of cooperation and further development of trade and economic relations.

On 9 July, a business forum was held at InterContinental Hotel in Tashkent. Uzbek and Chinese businessmen discussed the prospects of cooperation, and the possibilities of attracting foreign investments for the establishment of joint ventures in Uzbekistan.