BAKU, Azerbaijan, Mar. 10
By Klavdiya Romakayeva - Trend:
Uzbekistan, Germany discussed new directions for deepening mutually beneficial partnership in promising sectors of the economy, such as the production of building materials, textile, chemical and pharmaceutical industries, Trend reports referring to the Ministry of Investment and Foreign Trade of Uzbekistan.
On March 9, 2021, an Uzbek-German round table was held in the format of a videoconference, organized by the Ministry of Investment and Foreign Trade of Uzbekistan with the support of the Eastern Committee of the German Economy.
During the event, the current state of Uzbek-German investment cooperation, as well as new directions for deepening mutually beneficial partnership in promising sectors of the economy, such as the production of building materials, textile, chemical and pharmaceutical industries, were discussed.
The representatives of German companies noted the growing interest of German business in the Uzbek market, reporting a 25 percent increase of German investment in the economy of Uzbekistan observed in 2020 compared to 2019.
In addition, it was reported that this year 24 large projects with a total value of about $1 billion in the automotive, chemical, pharmaceutical and electrical industries, as well as in the production of building materials, are scheduled for implementation together with German investors.
In turn, the Uzbek side emphasized that the Uzbekistan will continue the processes of economic liberalization aimed at sustainable development, creating the most favorable conditions for doing business, integrating the principles of a free market and reducing state participation in priority sectors.
Also, the Uzbek side expressed readiness for close cooperation in order to activate the Uzbek -German economic cooperation and saturation of the agenda of mutually beneficial partnership with new large-scale projects and initiatives.
Following the meeting, an agreement was reached on the development of a stable mechanism for close interaction with German entrepreneurs implementing investment projects or showing interest in the Uzbek market, which implies targeted work with each investor and entrepreneur, with the involvement of responsible ministries and departments under the coordination of the Ministry of Investment and Foreign Trade.
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