Tashkent hosted a round table between representatives of the business circles of Uzbekistan and Singapore

As part of the state visit of the President of the Republic of Singapore Halima Yakub to Uzbekistan, on May 25 this year, a round table was held in Tashkent between representatives of the business circles of Uzbekistan and Singapore, the press service of the Chamber of Commerce reports.

This round table was attended by Chairman of the Chamber of Commerce and Industry of Uzbekistan Davron Vakhabov, Deputy Chairman of the Singapore Business Federation Shahzad Nazim, as well as representatives of the Ministry of Agriculture, the Ministry of Transport, the Ministry of Higher Education, Science and Innovation of the Republic of Uzbekistan, the State Assets Management Agency of the Republic Uzbekistan, Uzkimyosanoat JSC, as well as leading representatives of the business circles of the two countries.

Within the framework of the Uzbek-Singapore business forum, which took place recently, a Memorandum of Understanding was signed between the Chamber of Commerce and Industry of Uzbekistan and the Singapore Business Federation.

In order to implement the terms of the memorandum, the current state of mutual economic relations between the countries and the main directions for further expansion of Uzbek-Singapore cooperation were discussed, and future tasks were identified.

The main topics of the event were the issues of strengthening bilateral relations in the fields of construction, agriculture, food industry, pharmaceuticals and medicine, education, information technology, tourism, transport and logistics. The round table also discussed the further development of cooperation between the business circles of the two countries as a decisive factor in investment and trade and economic relations between the two countries.

During his speech, the Chairman of the Chamber of Commerce and Industry D. Vakhabov noted that 90 enterprises have been created in Uzbekistan with the participation of Singaporean investors, which make a significant contribution to our economic growth. These enterprises operate in various sectors of the economy, in particular, in the fields of electrical engineering, textiles, food industry, education, trade and mechanical engineering.

It should be noted that the dynamics of mutual trade between the two countries is steadily increasing, in 2022 it grew to $ 143 million from $ 92.6 million in 2017 (export – $ 105 million, import – $ 38 million). Ferrous metals and their products, services, building materials, etc. are mainly exported to Singapore. Imports include rubber and rubber equipment, services, optical products and tools, mechanical equipment, textiles and others.

The volume of Singapore’s investments in the economy of our country is also growing from year to year. In 2016-2022, Singapore’s investments amounted to $700 million.

At the end of the event, B2B and G2B meetings were held. During the dialogue, entrepreneurs demonstrated their products and services to partners, exchanged views on their export potential, as well as on priority areas of cooperation.