Uzbekistan – Austria Business Forum takes place in Vienna

Vienna, The Gulf Observer: The 8th meeting of the Uzbekistan – Austria Intergovernmental Commission on Trade and Economic Cooperation, and a Business Forum, took place in Vienna.

The events were attended by the Deputy Minister of Investment, Industry and Trade of the Republic of Uzbekistan Badriddin Abidov, Director General for Economic Affairs, Innovation and International Policy at the Federal Ministry for Labour and Economy of Austria Florian Frauscher, Vice President of the Austrian Federal Economic Chamber Philipp Gady, heads of relevant ministries and agencies, and over 100 representatives of the business community of both countries.

The parties discussed trade, economic, and investment cooperation issues and measures to develop industrial collaboration.

The high interest of Austrian companies in the Uzbekistan market was noted due to large-scale reforms and a favorable investment climate. The presence of a wide range of untapped opportunities for the development of multifaceted cooperation was emphasized.

Particular attention was paid to mechanisms for attracting investments, the development of all-season tourism, the introduction of green technologies, interaction in alternative energy, mining, modernization of infrastructure and railways, medical equipment supplies, livestock farming and other areas. The Austrian side presented more than 20 proposals for developing cooperation in these sectors.

A final protocol was signed, which reflected agreements on the adoption shortly of a protocol on the avoidance of double taxation, agreements on air services, the opening of a foreign trade representative office of Austria in Uzbekistan, improving the information base in mutual trade, as well as ensuring the participation of companies at exhibitions in both countries.

During the last business forum, joint projects successfully implemented in Uzbekistan in the chemical and mining industries, pharmaceuticals, and healthcare were presented. Agreements were reached to attract financing from the Austrian audit bank and leading Austrian companies to implement specific projects.

Following the discussions and B2B and G2B meetings, a joint action plan for developing trade, economic, and investment cooperation was formed, including a mechanism for systemic monitoring of the implementation of the assigned tasks.

Bilateral talks were also held with the heads of large Austrian companies. A constructive exchange of views made it possible to reach agreements on implementing joint projects in healthcare and pharmaceuticals, livestock farming, and producing fire-resistant glass and insulating materials.

The high interest of companies from this European country in cooperation with Uzbekistan and their readiness to further increase the volume of investments in promising joint projects carried out in various sectors of Uzbekistan’s economy were noted.