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Uzbekistan expands economic relations with Spain's Eurasian Business Alliance

Business Materials 29 July 2020 12:12
Uzbekistan expands economic relations with Spain's Eurasian Business Alliance

BAKU, Azerbaijan, July 29

By Ilkin Seyfaddini - Trend:

Embassy of Uzbekistan in Spain signed an agreement on cooperation in trade and economic relations with Eurasian Business Alliance in the country, Trend reports with reference to Alliance.

This document envisages creation of necessary mechanisms of interaction for the development of commercial and investment activities (economic committees, business club, specialized seminars, bilateral business missions, etc.); exchange of information on international exhibitions, forums and other economic events; search for potential investors, and preparation of quality business plan, providing independent expert opinions; exchange of information on investment projects, contact information of organizations, responsible for their implementation, and any other information necessary for their promotion.

"At present, in order to achieve the set goals, it is very important to popularize Uzbekistan in European countries for effective implementation of investment potential of the country," the message said.

The embassy reached an agreement with Eurasian Business Alliance, according to which Business Alliance will involve Spanish investors in the implementation of project in Khorezm region to produce functional, diet and baby food using European technologies.

According to a recent study by ICEX (Export Spain), the Spanish market share in Uzbekistan is below its potential. In 2018 and 2019, the EU increased exports to Uzbekistan by 31.5 percent and 11.5 percent respectively, while sales from Spain decreased by 27.4 percent in 2018 and by 25 percent in 2019.

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