Investments of German companies in Uzbekistan increase

Investments of German companies in Uzbekistan increase

BAKU, Azerbaijan, Feb. 27

By Ilkin Seyfaddini – Trend:

The German Eastern Business Association evaluates the reform steps taken so far in Uzbekistan's economic sector as very positive, Regional Director for Central Asia with the German Eastern Business Association (OAOEV), Eduard Kinsbruner told Trend in an interview.

In December of 2019, OAOEV announced about program development, to promote Uzbek industrial products on the German market, including the introduction of German quality standards at the relevant enterprises of Uzbekistan and the certification of manufactured industrial goods in Germany.

"Liberalization and opening of the country is also reflected in hard facts. The investments of German companies in Uzbekistan have increased. Bilateral trade is also developing very positively," the official said.

The representative added that in 2019, trade with Uzbekistan experienced the greatest growth among all the countries with which the German Eastern Business Association cooperates.

"The German Eastern Business Association is happy to make its and its members' expertise available to support experiences and recommendations for the development and implementation of the reforms. The German Eastern Business Association is currently conducting a survey on the topic of reforms in order to develop concrete proposals for further reform steps," stated Eduard Kinsbruner.

The German Eastern Business Association (OAOEV) is the major regional initiative of the German economy for 29 countries in Eastern Europe and Central Asia. The OAOEV supports its members in their projects, arranges contacts and answers questions about market entry. OAOEV works in close cooperation with the German government and the governments of the partner countries, to reduce trade barriers and improve economic conditions in the region.

The OAOEV was founded in May 2018 through the merging of the Eastern Committee (founded in 1952) and the Eastern Europe Business Association of Germany (founded in 1989).

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Follow author on Twitter: @seyfaddini

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