Businesspeople of Uzbekistan and Singapore discuss perspectives of cooperation

At the forum, the participants discussed issues of further deepening economic cooperation between Uzbekistan and Singapore. Foreign partners familiarized with investment climate in Uzbekistan, special industrial zones Navoi and Angren.

The sides discussed perspectives of cooperation in trade, investment projects in electrotecnical and leather-footwear industry, production of construction materials, development of energy infrastructure, including alternative sources of energy. The participants of the forum familiarized with economy and business climate of Singapore.

Uzbekistan and Singapore pay attention for further expanding mutual beneficial cooperation. It was said that the visit of President of Uzbekistan Islam Karimov to Singapore in January 2007.

The countries signed several intergovernmental and inter-departmental agreements. In particular, the sides inked law “On air communication”, “On encouragement and mutual protection of investment”, “On main directions of economic and humanitarian cooperation”, “On avoiding double taxation and preventing evasion from payment of income tax”, etc.

Bilateral trade turnover between Uzbekistan and Singapore reached US$47.6 million in 2013. Currently, there are 33 joint ventures with Singaporean capital, including seven with 100% foreign capital.

Eight Singaporean companies accredited at the Ministry of Foreign Economic Relations, Investment and Trade of Uzbekistan.