IMRI experts analyzed trade between Uzbekistan and Italy in agri-food products (TN VED 01-24)

Tashkent, Uzbekistan (UzDaily.com) – Experts of Institute for Macroeconomic and Regional Studies (IMRI) experts analyzed trade between Uzbekistan and Italy in agri-food products (TN VED 01-24).

In 2022, the turnover of agri-food products between the countries amounted to US$25.3 million, which is almost 2.2 times more than in 2018.

Among the 27 EU countries and the UK, Italy ranks 11th in exports of Uzbekistan’s products, and 8th in imports.

The interest of Italian business in Uzbekistan is mutual and steadily growing. In 2020, a joint venture was established in Bakhmal district of Jizzakh region for the production, processing of saffron products and its further export within the framework of the signed between the companies "BMB Trade Group" (Uzbekistan) and "FIN.OPERA s.r.l." (Italy) memorandum on the cultivation and industrial processing and export of saffron and other medicinal plants. In July 2021, the first batch of a new product for Uzbek exporters, saffron, was sent to Italy for a total of 15 million euros.

In 2022, 16 million saffron bulbs were imported from Italy (Brescia city) to Uzbekistan. Currently, the plantation covers an area of more than 305 hectares, reaching an investment of up to 40.4 million euros. 400 permanent and more than 4 thousand seasonal jobs have been created.

According to the International Trade Center (ITC), at the current level of trade and economic cooperation, the untapped potential in agricultural exports from Uzbekistan to Italy is US$5.2 million.

At present, officials of the two countries are making efforts to effectively use the potential opportunities for cooperation in trade, economic, investment and other areas. This, in turn, will bring a new impetus to the development of relations in the field of agriculture, as well as in other areas.