Presentations of economy and investment potential of Uzbekistan held in Tokyo and Osaka

Tashkent, Uzbekistan (UzDaily.com) -- In order to familiarize representatives of the Japanese business community with the current economic development of Uzbekistan, which opens up broad opportunities for doing business in the republic, on 18-21 February 2019, the Embassy of Uzbekistan in Japan together with the United Nations Office for Industrial Development (UNIDO) organized business seminars with a presentation of the trade-economic, investment and tourism potential of Uzbekistan. The seminars were held to promote investment and technology in the cities of Tokyo, Osaka and Fukuoka.

At events attended by representatives of leading Japanese companies and firms, such as Mitsubishi, Marubeni, Mitsui, Sumitomo, Itochu, Toyota Tsusho, Daichu Corporation, Sojitz Machinery Corporation, Nissin, Solid Corporation, Nippon Pneumatic Co Ltd, Chori Co Ltd, Kurosimo Inc, KintokiFoods, Rohto Pharmaceutical, Maguchi International Co Ltd, Trade and Industry Fund Osaka and others (in general, at three events more than 200 people), the guests were thoroughly acquainted with the current development of the economy of Uzbekistan.

In particular, Japanese entrepreneurs received detailed information on the implementation of the Strategy for Uzbekistan’s actions in five priority areas of development for the period 2017–2021, carried out under the leadership of President Sh.M. Mirziyoyev large-scale reforms and transformations set in the Year of Active Investment and Social Development "In 2019

The main attention of the seminar participants was focused on active steps being taken to further liberalize the financial and economic system of the country, improve the investment climate, protect and guarantee private ownership, improve legislation in the field of entrepreneurship, and provide large benefits and preferences for foreign investors.

Participants were informed about specific steps Uzbekistan has taken in these areas over the past 2 years, including the favorable conditions created for successful and unhindered business, improving taxation, facilitating administrative procedures for business, and greatly simplifying customs rules and procedures.

It was stressed about a completely new approach of the government and state bodies to relations with the business community, practical measures taken to protect the rights and interests of entrepreneurs, and a significant reduction in state regulation in the country’s economy. The participants of the event were assured of the long-term and sustainability of economic reforms initiated in Uzbekistan, the determination of the country’s leadership to complete the transformation and achieve its objectives, as well as full commitment to fulfill its obligations, especially under contracts related to the implementation of joint investment with foreign partners projects in the Uzbek territory.

Japanese business circles were informed about the priority attention paid by Uzbekistan to relations with Japan, which is considered by Tashkent as a priority strategic partner in the APR. In this context, a call was voiced to take advantage of the wide-ranging opportunities opening up for the development and development of a successful and profitable business on the territory of Uzbekistan through participation in investment projects implemented in the Republic of Uzbekistan, expansion of trade and tourist exchange. 

The seminar guests also familiarized themselves with the investment maps of the regions of the Republic of Uzbekistan in Japanese, prepared in the form of infographics and displayed during the events held.

1. Khamrayev, Head of the Department of the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan, spoke about measures to strengthen the business environment and improve the investment climate for foreign companies, as well as the Free Economic and Small Industrial Zones, during the business seminars. Presentation of promising investment projects for joint implementation with Japanese partners.

Participants from the Japanese side praised large-scale reforms and reforms in Uzbekistan, noted a significant improvement in the investment climate in the country, thanks to the measures taken by the country’s leadership to ensure macroeconomic stability and further develop and increase the attractiveness of the economy for foreign investors.

During the business seminar in Tokyo, President and Founder of Cokey Systems Co., Ltd. N. Yoshida spoke. He acquainted the participants with the activities of his company in Uzbekistan, as well as other Central Asian countries.

Expressing full satisfaction with his activities in Uzbekistan, he emphasized that back in 2008 attempted to establish a business in Uzbekistan, but could not then implement the plans. He was able to implement them in 2018 thanks to reforms and transformations that are being carried out on the initiative and under the leadership of President Sh. M. Mirziyoyev.

He confirmed the favorable conditions created in Uzbekistan for the activities of foreign companies, the simplification of registration procedures, and the great prospects for fruitful investment activity in Uzbek territory.

In the framework of a business seminar in Osaka, Mr. Tokita, Manager of the Department of Masui Trading Co., in his speech informed about the current activities of the company in Uzbekistan and shared with a positive assessment of the economic situation in the country and its prospects.

He stressed about the favorable conditions for the effective and fruitful activities of foreign companies that are being formed in today’s Uzbekistan and advised those present to boldly enter the Uzbek market, which is promising and promising. In this context, C. Tokita introduced the company’s plans to expand its activities in Uzbekistan by increasing the supply of textile and silk products to the Japanese market, which is distinguished by its high quality.

He also informed about the positive assessment of the ILO and the US Department of Labor of the efforts of the government of Uzbekistan to eliminate forced labor. According to Tokit, further practical implementation of large-scale reforms in Uzbekistan will allow attracting global brands to the country, in particular, such as UNIQLO, GAP, ZARA and others.

As part of activities in the Kansai region, separate negotiations were held with the executive director of Kyocera A. Kubota, which resulted in an agreement to jointly explore the possibilities of implementing investment projects, in particular in the field of building photovoltaic stations in Uzbekistan under public-private partnership ( PPP). To this end, Kyocera plans to send a delegation to the Republic of Uzbekistan in the coming months to explore prospects for cooperation.