Tashkent, Uzbekistan (UzDaily.com) -- The Embassy of Uzbekistan in Tokyo, together with Kansai Economic Federation and the Osaka Chamber of Commerce and Industry, organized an investment business forum and briefing for Japanese companies on the decision of the International Coalition Cotton Campaign about lifting the global boycott of Uzbek cotton.

The events were held online and offline, which were attended by representatives of the prefecture, metropolitan economic organizations, as well as more than 150 representatives of Japanese business.

The welcoming speech was made by the head of the JETRO office in Uzbekistan, Jun Takahashi, who told the forum participants about the positive changes taking place in Uzbekistan in all spheres of society, the favorable conditions created for doing business, as well as the successful activities of Japanese companies in Uzbekistan.

The First Secretary of the Embassy of Japan in Uzbekistan Hidenori Yuguchi also delivered a welcoming speech, who spoke about the positive changes in bilateral relations and the great attention paid by the leadership of the two countries to strengthen mutual friendship and cooperation.

The director of the international relations department of Kansai Economic Federation, Takeshi Inoye, made a welcoming speech as the organizer, who noted with satisfaction the importance of the event, supported the expansion of cooperation between representatives of private business in Uzbekistan and Osaka, as well as the entire Kanasai region, assuring that the organization will continue to promote bilateral relations. 

Further, the Ambassador of Uzbekistan to Japan M. Abdurakhmonov presented the investment potential of the republic, the favorable business opportunities created for private investment in the republic, the activities of free economic zones and the tax benefits and preferences provided for foreign investors. The ambassador also focused on the investment potential of the textile, electrical, pharmaceutical and IT industries, the availability of natural resources, and the developed infrastructure in the regions of the republic.

The representative of Masui Co., Ltd, Chinori Tokita, introduced the company’s activities in Uzbekistan and the developed brand Samarqand Daryo, under which it plans to produce textile products from high-quality Uzbek yarn. In addition, a representative of Masui Co., Ltd told about a joint project with the Uzbek companies Art Soft Tex and BCT Cluster for the production of high quality terry towels for their subsequent sale in the markets of Japan and Europe. 

Further, the representative of the domestic company "Sam Rafoat Textile" Farmon Babajanov presented the activities of the company. In particular, he noted that all high-quality products, including towels of various types, washcloths, bath mats, blankets, velvet under the Parisa Home brand are produced in Uzbekistan using Japanese equipment. The company’s production capacity is more than 4.5 million kg per year. The company may well produce products that can satisfy the preferences of Japanese consumers. 

Further, a briefing was held for representatives of economic and business circles on the decision of the Cotton Campaign International Coalition to cancel the global boycott of Uzbek cotton. In particular, it was told about the coordinated and systematic work done in this direction, on the implementation of the "Roadmap of Reforms" developed by the Government of Uzbekistan to end forced labor in the cotton industry and ensure the effectiveness of ongoing reforms.

The attention of Japanese partners was drawn to the fact that the abolition of the cotton boycott will contribute to an increase in the volume of exports of Uzbekistan’s products to foreign countries by 1,196 Uzbek textile enterprises, incl. Japan and the creation of new jobs in the republic, as well as improving the welfare of Uzbek farmers.

According to forecasts, after the restrictions are lifted and as a result of the processing of raw materials, it is possible to additionally export finished products worth 1.5 billion US dollars.

As a result of the events, an agreement was reached to hold separate bilateral meetings with representatives of Japanese organizations and companies showing interest in developing business in Uzbekistan for a detailed discussion of promising areas for mutually beneficial cooperation in investment and export activities, as well as continuing the practice of maintaining contacts with representatives of business circles in Kansai region.