UZEX Chairman: China's marketplace to positively affect Uzbek investment attractiveness
Baku, Azerbaijan, February 18
By Fakhri Vakilov - Trend:
New trading platform of Uzbek commodity exchange in China will contribute to increasing trade with the largest trading partner of Uzbekistan, Chairman of the UZEX Farohiddin Ibrahimov told Trend in an interview.
A new UZEX trading platform in China has opened as part of implementation of agreements between the leaders of Uzbekistan and China on strengthening Uzbek-Chinese business ties.
In general, the expansion of international trading network UZEX serves the dynamic growth of trade turnover between Uzbekistan and other countries.
Ibrahimov said that the opening of a trading platform in Shanghai provides mutual access for Chinese and Uzbek business circles to the commodity markets of two countries using broad trading and e-commerce opportunities.
“Considering that Shanghai is one of the most important global financial centers, the new trading platform of the exchange will help increase trade turnover with Uzbekistan’s largest trading partner,” he said.
Moreover, he stressed that trading platforms, as strong points, will simultaneously be engaged in marketing the market and advertising activities in China. Finally, the use of the exchange mechanism and e-commerce in the conclusion of export-import transactions will have a positive impact on the investment attractiveness of Uzbekistan, as a country with open and transparent price parameters.
In addition, Ibrahimov spoke about the development of cooperation with Turkey.
“Nowadays, with the wider opening of Uzbekistan to the outside world and the dense integration of our country into the world community, we are witnessing a rapid development of business ties between entrepreneurs of Uzbekistan and many countries of the world, including with Turkey.”
UZEX chairman stressed that by the end of 2018, Turkey’s share in the structure of exchange exports was about 17 percent. In recent months, cotton fiber and industrial oils are mainly exported to Turkey through UZEX.
UZEX has established good partnerships with the Istanbul Stock Exchange (Borsa Istanbul). In order to exchange experience in the organization of modern forms of stock trading, including the study of advanced foreign experience in the formation and development of the market of commodity derivatives, UZEX regularly participates in exchange forums organized by the Turkish Stock Exchange.
However, the large potential of exchange trade in the development of trade and economic relations between Uzbekistan and Turkey has not yet been fully reached.
Ibrahimov said UZEX hopes to establish closer cooperation with Turkish businessmen and open trading floors in Turkish cities this year. This is an extremely important point, given that today the Uzbek-Turkish relations are at a qualitatively new level of development thanks to the efforts of two states’ leaders.
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