Uzbekistan, China to increase trade turnover by over seven-fold

Business Materials 21 September 2018 11:20 (UTC +04:00)

Baku, Azerbaijan, Sept. 21

By Fikret Dolukhanov – Trend:

Uzbekistan and China are planning to increase trade turnover to $20 billion, the Uzbek joint stock commercial investment Ipoteka Bank announced.

Representatives of the bank held a meeting in Tashkent with a delegation led by Secretary-General of the Commission for Political and Legal Affairs in Shanghai Cheng Yin.

The key topic of the talks was attraction and efficient use of investments.

The parties noted that the countries closely cooperate in key sectors of the economy.

Over 700 enterprises with participation of investors from China operate in Uzbekistan. The Uzbek-Chinese trade house was opened and the Association of Chinese Industrial and Commercial Enterprises is operating in Tashkent.

The two countries discussed cooperation in fish farming, construction, entrepreneurship, exchange of science personnel, as well as attracting direct investments for projects of interest to both sides.

It was also stressed that China has sufficient capacity to promote introduction of innovative technologies and can support local companies seeking long-term investment in promising projects in Uzbekistan.

Following the talks, the parties signed a Memorandum of Cooperation and Understanding, which prioritizes fish farming, production of building materials and textile industry.

In 1H2018, China took the second place in the list of main trade partners of Uzbekistan (with a slight difference from Russia). The trade turnover between the countries amounted to $2.81 billion.


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