Uzbekistan and Japan open new areas of partnership

On October 25, the 16th meeting of the Uzbek-Japanese and Japanese-Uzbek committees for economic cooperation was held, which is an effective mechanism for developing partnerships with leading companies in Japan.

From the Uzbek side, the meeting was attended by Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev, heads of key ministries, departments and industry associations, and from the Japanese side – adviser to Itochu Corporation, acting. Chairman of the Japan-Uzbekistan Committee for Economic Cooperation Tsuyoshi Nishitani, Deputy Minister of Economy, Trade and Industry of Japan Hirohide Hirai, Chairman and Senior Executive Director of the Japan Foreign Trade Development Organization (JETRO) Nobuhiko Sasaki, as well as 70 representatives of leading Japanese companies and organizations.

Issues of mutual trade were discussed within the framework of the agenda. In the nine months of 2022, the trade turnover between our countries increased by 30%. Mutual interest was expressed in taking practical measures to increase the volume of bilateral trade.

The prospects for expanding investment cooperation and industrial cooperation are considered. Over the past five years, the number of enterprises with the participation of Japanese capital in Uzbekistan has increased five times and reached 55. 14 joint ventures have been created over the current year. The meeting participants agreed to intensify cooperation in the development and implementation of promising projects in the pharmaceutical, mining, engineering, chemical and textile industries, agriculture and other areas.

The course of cooperation in IT and innovation areas was considered separately, bearing in mind the transfer of the best Japanese cyber-, bio- and nanotechnologies. The Japanese side expressed its intention to assist plans to bring the level of digitalization in Uzbekistan to 70% and ensure a tenfold increase in exports of software products by the end of 2026.

As part of the event, a business forum was also held, where participants had the opportunity to hold meetings in B2B and B2G formats and discuss specific practical aspects of joint work.

As a result of the meeting, the Final Protocol and a solid package of bilateral documents were signed, reflecting the key agreements reached during the event.