EU to allocate about 70 million euros for Uzbekistan’s development

Business Materials 13 May 2014 18:11 (UTC +04:00)

Tashkent, Uzbekistan, May 12
By Demir Azizov- Trend:

The financial assistance of the European Union to the development of Uzbekistan can reach nearly 70 million euros in the coming years, according to the EU representation in Uzbekistan.

The EU has provided about 72 million euros to support the development of Uzbekistan from 2007 to 2013, and this amount could reach 68 million euros in 2014-2020, the representative office said.

At present, cooperation between the EU and Uzbekistan is developing in several directions, and the dynamics of trade and economic relations tends to rise.

In 2013, the volume of trade between the EU and Uzbekistan was about 1.65 billion euros, which, according to experts, does not reflect the existing potential for cooperation.

The parties intend to continue work on the development and the completely implementation of this potential, including the expansion of investment cooperation and attraction of European investments in the Uzbek economy, according to the EU representation in Uzbekistan.

Uzbekistan and the EU signed an agreement "On partnership and cooperation" in 1996.

The European Union representative office was opened in Tashkent in 2012.

Edited by C.N.