23 June 2022

MIFT: Uzbekistan and Brazil see significant prospects for expanding partnership

Deputy Prime Minister – Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov received the new Ambassador of Brazil with residence in Moscow, Rodrigo de Lima Baena Soares.

According to the Ministry of Investments and Foreign Trade (MIFT), during the dialogue, the course of the current mutual cooperation and the prospects for its expansion in priority areas were considered. Mutual interest was expressed in developing cooperation in bilateral and multilateral formats within the framework of international platforms and organizations.

Issues of deepening investment and trade and economic partnership were discussed in detail. Significant prospects were noted for establishing industrial cooperation in various sectors, including the extraction and processing of minerals, the production of fertilizers and other chemical products, animal husbandry and poultry farming, as well as the cultivation and processing of soybeans, corn and sugar cane. Specific measures were considered to establish a direct and regular dialogue between the business circles of the two countries, including the organization of mutual business missions and industry exhibitions.

This, in turn, will also contribute to the development of success in the direction of increasing mutual trade. Thus, at the end of 2021, the trade turnover between Uzbekistan and Brazil increased almost 4 times compared to the previous year, and in the period from January to May of this year, the growth amounted to about 40 percent compared to the same period last year. An agreement was reached to develop proposals for further building up and diversifying mutual trade.

After exchanging views on other equally important issues on the agenda of bilateral cooperation, including interaction in the field of tourism, education and Uzbekistan’s accession to the World Trade Organization, the parties, following the meeting, agreed on further steps to promote and implement the agreements reached.