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02 August 2019

Negotiations with China UK Venture Association

On July 26, 2019, the Embassy of Uzbekistan in the United Kingdom jointly with the China UK Venture Association company held a video conference in the format of Tashkent-Beijing-London-Namangan-Karshi.

The Association includes 100 Chinese, British and international companies, which together manage assets of more than 700 billion US dollars.

The event was attended by more than 50 representatives of private British, Chinese and Uzbek companies, as well as senior officials of the Ministry of Investment and Foreign Trade, khokimiyats of the Namangan and Kashkadarya regions, the Uzeltehsanoat Association, the Agency for the Development of Viticulture and Winemaking under the Ministry of Agriculture and the Commerce and Industry chambers of our country.

Within the framework of video conferencing, a presentation of the investment opportunities of Uzbekistan was held with a special emphasis on the available tax, customs and other benefits provided to foreign investors in 14 free economic zones. The possibilities of cooperation in the field of production of wine and vodka products, the electrical sector and the food industry were demonstrated.

Peytao Tan, Chairman of the China Venture Capital Association, emphasized the increased interest in international business circles in investment and trading opportunities in Uzbekistan over recent years.

Particular attention of the British and Chinese participants was attracted by projects proposed by the Chamber of Commerce and khokimiyats of the Mubarek and Yakkabog districts of the Kashkadarya region (production of building materials and sheep breeding).

During the event, the relevance of expanding the production capacities of enterprises manufacturing terry cloth (towels) for their further export to China was noted. In this context, the attractiveness of the offer of the Oktosh Textile company, located in the Turakurgan district of the Namangan region, due to its geographical proximity to the markets of the western provinces of China, was noted.

Noting the plans of Uzbekistan to establish an International Financial Center in Tashkent, the British company Ebury showed interest in establishing cooperation in the development of financial technologies fintech aimed at modernizing traditional financial services and products.

Companies producing electrical equipment, JST Eletronics and Zhijuang Hu, announced their readiness to visit our country in the near future and to negotiate with the Uzeltehsanoat Association.

As a result of negotiations, agreements were reached on the development of joint investment projects between the Agency for the Development of Viticulture and Winemaking under the Ministry of Agriculture and the Chinese company Uniview technology.

In general, the parties agreed to hold similar events on a regular basis, with the participation of members of the Association and interested Uzbek companies. With a focus on various sectors of the economy (chemical industry, agriculture, textiles and others) of common interest.

Source: Foreign Ministry Press Service