27 May 2022

Prospects for strengthening Uzbek-Italian relations were discussed

On May 27 of this year in Rome Deputy Prime Minister – Minister of Investment and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov met with Minister of Foreign Affairs and International Cooperation of the Italian Republic Luigi Di Maio.

The meeting was an opportunity to consider the current state of Uzbek-Italian relations and develop measures to further strengthen them. Discussing the broad agenda of Uzbek-Italian interaction, the parties paid special attention to measures to further increase investment, trade, economic, cultural and humanitarian cooperation.

Positive results were noted in the development of mutual trade: at the end of 2021, the volume of trade between Uzbekistan and Italy increased by 25 percent. Growth trends were also observed in the first quarter of this year due to an increase in the supply of textiles, food, leather products, equipment and other goods. The parties considered further joint actions to increase bilateral trade and agreed to intensify work in this direction.

No less attention was paid to the mechanisms for deepening investment cooperation. The number of enterprises with Italian capital operating in Uzbekistan has doubled over the past five years, covering such new areas as the mining sector, metallurgy, petrochemical and electrical industries, as well as the production of building materials. The importance of continuing to work on bringing the business circles of the two countries closer together and attracting Italian investments and technologies for the implementation of projects in Uzbekistan was emphasized.

They also touched upon issues of interaction in the energy sector, in the field of regional cooperation, measures to prepare for bilateral events, including the regular meeting of the Uzbek-Italian Intergovernmental Working Group on Trade, Economic and Industrial Cooperation.

Having exchanged views on key issues on the agenda of the bilateral partnership, the parties reached important agreements on further cooperation, which will make it possible to significantly advance in the implementation of joint projects and initiatives.