Uzbekistan and Austria are expanding the boundaries of trade and economic cooperation

The 8th meeting of the Uzbek-Austrian intergovernmental commission on trade and economic cooperation and a business forum were held in Vienna, the PR center of the MIIT reports.

The events were attended by Deputy Minister of Investment, Industry and Trade of the Republic of Uzbekistan Badriddin Abidov, Director General of the Federal Ministry of Labor and Economics of Austria Florian Frauscher, Vice President of the Austrian Economic Chamber Philipp Gadi, heads of relevant ministries and departments, as well as more than 100 representatives of the business community of both states

During the 8th meeting of the Uzbek-Austrian intergovernmental commission on trade and economic cooperation, the current agenda of bilateral trade, economic and investment interaction, as well as issues of development of industrial cooperation, were discussed.

The high interest of Austrian companies in the Uzbekistan market was noted, due to large-scale reforms and a comfortable investment climate. The presence of a wide range of untapped opportunities for the development of multifaceted cooperation was emphasized.

Particular attention is paid to mechanisms for attracting investments, the development of all-season tourism, the introduction of “green” technologies, interaction in the field of alternative energy, mining, modernization of infrastructure and railways, supplies of medical equipment, livestock farming and other areas. The Austrian side presented more than 20 proposals for the development of cooperation in these sectors.

A final protocol was signed, which reflected agreements on the adoption in the near future of a protocol on the avoidance of double taxation, an Air Services Agreement, the opening of a foreign trade representative office of Austria in Uzbekistan, improving the information base on mutual trade, as well as ensuring the participation of companies at exhibitions in both countries.

During the last business forum, successful stories of joint projects in Uzbekistan in the chemical and mining industries, pharmaceuticals and healthcare were presented. Agreements were reached to attract financing from the Austrian Audit Bank and leading Austrian companies for specific projects in the fields of chemicals, mining and geology, agriculture and healthcare.

Based on the results of discussions, as well as negotiations organized by “B2B” and “G2B”, a joint “Road Map” for the development of trade, economic and investment cooperation was formed, including a mechanism for systemic monitoring of the implementation of the assigned tasks.

During the visit, bilateral negotiations were also held with the heads of large Austrian companies. A constructive exchange of views made it possible to reach agreements on the implementation of joint projects in the fields of healthcare and pharmaceuticals, livestock farming, and the production of fire-resistant glass and insulating materials.

In general, the high interest of Austrian companies in cooperation with Uzbekistan and their readiness to multiply investments in promising joint projects in various sectors of the country’s economy were noted.