Washington hosts the Uzbekistan – American Business Forum

Washington hosts the Uzbekistan – American Business Forum

Washington, The Gulf Observer: Washington hosted the Uzbekistan – American Business Forum. It was attended by heads of relevant ministries and agencies, industry associations, commercial banks, and investment structures of the two countries, as well as leaders of large US corporations engaged in ICT, mechanical engineering, agriculture, light industry, transport, banking, and other areas.

Deputy Prime Minister of the Republic of Uzbekistan Jamshid Khojayev, Minister of Investment, Industry and Trade Laziz Kudratov, Chairman of the Board of the American – Uzbekistan Chamber of Commerce Carolyn Lamm, President and Chairwoman of the Export-Import Bank of the United States Reta Joe Lewis and others addressed the opening ceremony of the forum.

The participants emphasized the rapid dynamics of the development of trade, economic, and investment relations between the countries, which was facilitated by the political will of the leadership and the constant interaction of governments and business circles.

The Uzbek side presented key achievements in developing the economy, trade, and industry and improving the investment climate. In particular, along with other facts, the created mechanisms of the free market and healthy competition, active support for entrepreneurship, infrastructure development, availability of energy resources, reduced state participation in the economy, and the launch of large-scale privatization processes were noted .

Thanks to the reforms carried out, Uzbekistan has become an attractive destination for investment, including for American business circles. Today, 300 American companies operate in Uzbekistan, which is more than double the figure of 2017. Success stories can be seen in a variety of sectors, including automobiles (General Motors), agricultural and construction equipment (John Deere, CNH Industrial), natural gas (Air Products), agriculture (Silverleaf), and others.

At the same time, the most promising areas for implementing joint investment projects were identified, such as the mining, chemical, and energy industries, the textile industry, agriculture, pharmaceuticals, electronics, and information technology. There are great opportunities to create joint ventures to produce products with high added value and export them to third countries.

The importance of intensifying business contacts between the two countries and the readiness to provide comprehensive government support in implementing all joint projects and initiatives were emphasized.

Sessions were held on global competition issues, ensuring the sustainability of supply chains, developing the business environment, stimulating innovation, strategic forecasting, privatization, and financial and technical interaction.

The business forum continued with G2B and B2B meetings between the heads of ministries, agencies, industry associations, and leading companies of Uzbekistan and the United States. The participants could discuss the issues of creating joint ventures and concluding mutually beneficial trade agreements.

Following the event, 12 documents were signed in energy, mechanical engineering, ICT, agriculture, financial-technical and scientific-technical cooperation, and production of medical and pharmaceutical products.