Tashkent, Uzbekistan (UzDaily.com) -- On 8 June 2020, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov discussed in a video conference format with Deputy Prime Minister - Minister of Finance of the Republic of Singapore Hank Swee Kit and senior state minister of trade and the industry of the Republic of Singapore, Ko Po Kun measures to counteract the coronavirus pandemic and reduce its negative impact on the economies of the two countries, as well as prospects and mechanisms for strengthening political, trade, economic, investment, transport and cultural and humanitarian cooperation between Uzbekistan and Singapore.

As part of the negotiations, the status of projects implemented with the participation of Singaporean investors in Uzbekistan, as well as the prospects for further expansion of partnerships in the field of information and communication technologies, education and healthcare, pharmaceuticals and transport infrastructure, were examined. A concrete action plan was developed to accelerate the implementation of existing projects and attract new Singaporean companies to do business in Uzbekistan.

In order to intensify investment cooperation, the idea of creating the Uzbek-Singapore Business Council was discussed - a platform for developing strategic areas of cooperation and orientation of the business circles of both countries to mutually beneficial cooperation and implementation of joint projects.

The mechanisms for arranging the supply of Uzbek fruits and vegetables to Singapore were discussed in detail, including by involving interested companies of the two countries in the elaboration of firm trade contracts. Given the significant potential for increasing trade, it was proposed to intensify joint work to explore the possibilities of concluding a free trade agreement between Uzbekistan and Singapore.

Opportunities for intensifying passenger and cargo flights between the two countries were also considered, as well as borrowing the experience of leading Singaporean transport companies in managing cargo transportation flows and improving airline performance.

Separately, the parties discussed the prospects for institutional cooperation in the field of capacity building and education, bearing in mind initiatives to create advanced training courses for senior officials of the ministries and departments of Uzbekistan within the framework of the Singapore Cooperation Program, and to attract Singaporean experts as strategic consultants on the development of the e-government system, as well as on the proposal to open a branch of the Singapore University of Social Sciences in the Namangan region.

The Singaporean side also expressed its strong intentions to support Uzbekistan in the process of joining the World Trade Organization through the implementation of institutional development programs, as well as attracting Singaporean specialists to exchange experiences on the development of free trade principles.

Based on the results of the video conference, an agreement was reached on the creation of a permanent joint working group to promote and implement the discussed areas of cooperation.