TASHKENT, Uzbekistan, November 13. Chamber of Commerce and Industry of Uzbekistan and the German-Eurasian Economic Association (DEWIB) have signed a Memorandum of Cooperation to strengthen and expand trade and economic relations, Trend reports.
The document was signed within the framework of the round table organized at the Chamber of Commerce and Industry of Uzbekistan as part of the visit of the DEWIB delegation to the country.
The main purpose of the event was to establish business contacts between the Chamber of Commerce and Industry and representatives of the German delegation, to present and discuss major investment projects in Uzbekistan, as well as to identify priority areas for further deepening cooperation.
The event was attended by representatives of 17 German companies engaged in the field of mechanical engineering, metallurgy, and construction, as well as agriculture, and industrial waste processing.
Meanwhile, Germany has included Uzbekistan in the list of 34 selected states with which the government will encourage economic cooperation through preferential investment guarantees.
The German Ministry of Economy and Climate Protection stated that the reform is aimed at reducing the dependence of business on cooperation with China.
As per latest available data, trade turnover between Uzbekistan and Germany amounted to 613 million euros from January through July 2023, which is a decrease of 12 percent compared to the same period of 2022 (697.9 million euros).
Uzbekistan’s imports from Germany amounted to 580.6 million euros, which is a decrease of more than 11 percent, compared to the figure for the first seven months of 2022 (654.6 million euros).
At the same time, the exports from Uzbekistan to Germany decreased by 26 percent and amounted to 32.4 million euros over 43.9 million euros from January through July 2022.