On May 17 this year, in the ancient capital of the People’s Republic of China, the city of Xi’an, on the eve of the official visit of the President of the Republic of Uzbekistan Sh.M. Mirziyoyev to the PRC, an Uzbek-Chinese business forum was held, in which, in addition to long-term partners of our country, more than 400 large Chinese companies, interested in in establishing cooperation with Uzbekistan. This was reported by the PR center of the MIIT.
Addressing the participants of the Forum with a welcoming speech, the Minister of Investments, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov highly appreciated the resolute attitude of business circles to establish a mutually beneficial partnership.
The consistent dynamics of the growth of trade, economic and investment relations between the two countries was emphasized. At the end of 2022, trade increased by 20% and reached a record $9 billion. At the same time, the Heads of the two countries set a specific goal – to bring the figure to $10 billion this year, which can be achieved through joint efforts and coordinated actions.
Stable growth is also noted in the investment sector. The total volume of disbursed Chinese investments has increased 5 times since 2017 and amounted to $11 billion. In 2022 alone, 2.2 billion dollars of Chinese investment was disbursed. The number of joint ventures in Uzbekistan has tripled over the past 5 years.
Representatives of the Chinese business community were thoroughly acquainted with the positive structural transformations and comfortable conditions created in Uzbekistan for doing business. The introduction of tax and customs incentives for investors, the formation of a compact state apparatus, the deregulation of business, the introduction of the “one stop shop” principle when working with investors, the constitutional protection of private property and the independence of the judiciary aroused great interest.
The speakers called on Chinese entrepreneurs to take advantage of the conditions created. In this context, the most promising areas of partnership are the automotive industry, including the use of alternative energy sources, green energy, agriculture and fruit and vegetable processing. Also, as noted, cooperation in the electrical industry, pharmaceuticals, and chemistry has great potential.
During the Forum, there were also presentations of specific project proposals and initiatives for joint implementation, covering dozens of different areas and areas. The participants of the Forum were able to discuss the upcoming cooperation in more detail within the framework of the negotiations organized by B2B and G2B.
As a result of the event, agreements were signed on the implementation of joint investment projects and trade contracts.