30 years and a new chapter in economic relations between Uzbekistan and Latvia

On the 12th of this year, a business mission sent from Tashkent began its work in Riga. The event was organized by the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan with the assistance of the Embassy of the Republic of Uzbekistan in Latvia. The delegation included representatives of various sectors of Uzbekistan. The purpose of the mission is to further strengthen cooperation in the investment and tourism sectors.

During the Made in Uzbekistan business forum organized in Riga, Latvian businessmen were presented with the investment attractiveness of Uzbekistan, its tourism potential, and the possibilities of the pharmaceutical industry.

The management of the Uzcharmsanoat Association told the participants of the event about the new opportunities and realities of the leather and footwear and fur and fur industries. Today, the industry has a large reserve for strengthening cooperation, and Uzbekistan has something to offer Latvian partners.

A wide range of benefits and preferences is available to investors. Also, in 11 regions of the country, special small industrial zones have been created for the leather and footwear industry with all the proper infrastructure and utilities. Assistance is provided in establishing cooperative ties, which contributes to the optimization of time and money costs. The main thing is that the country has the necessary labor force, and also conducts systematic work on the training of highly qualified specialists.

For reference: Uzbekistan and Latvia in October this year celebrate the 30th anniversary of the establishment of diplomatic relations. During this time, ties have been strengthened in many areas, including trade and economic. Our country is one of the most important cooperation partners of Latvia in the Central Asian region. Also, Latvia is one of the important partners of Uzbekistan in the countries of the European Union. According to data for 2021, the volume of foreign trade turnover between Uzbekistan and Latvia amounted to $115 million.

At the business forum, they also talked about the possibilities of the Uzbekistan Trading House in Latvia. Also, within the framework of the forum, business meetings in the B2B format and a panel discussion on the topic “Development of cooperation ties with the prospect of further exports” were held.