Uzbek, Italian business circles consider bilateral cooperation

The Uzbek-Italian business forum and cooperation exchange with the participation of business circles of two countries takes place

Tashkent, Uzbekistan (UzDaily.com) -- Chamber of Commerce and Industry of the Republic of Uzbekistan in cooperation with the Embassy of the Republic of Uzbekistan in Italy and the Agency for Promotion of Italian Companies Abroad and Internationalization (ITA) organized an Uzbek-Italian Business Forum and Cooperation exchange with the participation of business circles of the two countries on 16 April.

The purpose of this event is to facilitate the establishment of trade relations between the companies of Uzbekistan and Italy, study the issues of creating new joint ventures and the implementation of new investment projects.

The delegation included representatives of 10 large and leading Italian enterprises engaged in the food industry, packaging, production of agricultural products processing equipment, packaging and packing equipment, etc.

During the business meeting, issues of mutual cooperation to strengthen the interaction between the businessmen of the two countries were discussed.

Speakers from the Italian side emphasized the positive dynamics of economic growth of Uzbekistan, welcomed the efforts of the government of our republic to liberalize various sectors of the economy, creating the necessary conditions for foreign investors.

It was also noted that the Uzbek-Italian Business Forum will create an opportunity for the exchange of experience and opinions between the business circles of Italy and the Republic of Uzbekistan.

During the event, participants were familiarized with large-scale economic reforms in Uzbekistan, taking measures to liberalize the economy and foreign exchange market, improve the business environment, support business, protect the rights and legitimate interests of small businesses and private entrepreneurship, increase the investment attractiveness of the country’s economy, and foreign investors in existing and newly created FEZ.

It should be noted that in2018, turnover amounted to US$303.2 million, including exports - US$25.8 million, imports - US$277.4 million. The structure of exports is mainly represented by services, fabrics and yarn, cotton and dried fruits.

The range of imports consists of mechanical and electrical equipment, automotive parts, plastic products, pharmaceutical and textile products, as well as building materials.

33 enterprises with the participation of Italian capital, including 4 enterprises with 100% Italian capital, operate in Uzbekistan. Their main areas of activity are the production of soft drinks, wines, bottle fittings, perfumery, ice cream, knitwear, consumer goods, processing of cotton waste, trade and trading and intermediary services.

Representative offices of 5 Italian firms and companies, as well as the Italy-Uzbekistan Chamber of Commerce are accredited in Uzbekistan.

Following the business forum, B2B hosted a meeting with the business communities of the two countries, in which the parties discussed priority areas for the development of cooperation, primarily in the trade, economic and investment fields.