Tashkent, Uzbekistan (UzDaily.com) – On 22 November, an Uzbek-Italian business forum organized by the Ministry of Investment and Foreign Trade was held in Tashkent as part of a visit by an Italian delegation led by the governor of the Lombardy region.

The forum was opened by the Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov, noting the importance of holding events of this scale in the context of discussing a wide range of practical issues of bilateral cooperation in investment, trade, economic and banking sectors.

It was noted that Uzbekistan attaches particular importance to further strengthening comprehensive cooperation with Italy, which this year was marked by the holding of the next meeting of the Intergovernmental Working Group, as well as the participation of the Uzbek delegation in the XII Eurasian Economic Forum.

In this regard, the Governor of the Lombardy region, A. Fontana, expressed his readiness to provide comprehensive assistance in further strengthening economic ties, which will make it possible to make a significant contribution to the activation and expansion of the entire range of Uzbek-Italian relations.

The prerequisites for enhancing business partnerships with Italian companies can be the reforms and innovations carried out at an accelerated pace in the country’s economic system, among which it is worth noting the strengthening of the legal framework for a complete transition to a market economy, the introduction of private land ownership, and the removal of restrictions on profit repatriation and the conversion of the national currency, efforts to reduce the role of the state in the economy, improving the tax system and the consistent integration of countries s to the world economic system through work on joining the World Trade Organization.

Among the companies of Lombardy that show a steady interest in cooperation with Uzbekistan, one can single out Maire Tecnimont, Mapei, Wood / Foster Wheeler, Asco Filtri, SI.SE, Marzoli, Pietro Fiorentini, Cannon / Bono, Plastics Technologies, In3act, General Medical Merate, and also such large banks as Unicredit Bank and Banca Intesa San Paolo.

Considerable potential in the field of investment and industrial cooperation was considered. Over the past 2 years, the number of enterprises with Italian capital in Uzbekistan has doubled (up to 46). Since the beginning of this year, 15 enterprises have been created, 7 Italian companies have been accredited. Significant prospects for investors of Lombardy in agriculture, the automotive industry and the production of components, the processing of fruits and vegetables, the chemical industry, the oil and gas industry, the textile, silk and leather-footwear industries, in the production of building materials, pharmaceuticals, metallurgy, as well as many other directions.

Also during the forum, it was also announced that, given the prevailing trade and economic conditions and market characteristics, there is currently the potential to increase mutual trade volumes to $ 500 million per year.

During the event, the heads of the diplomatic missions of Italy and Uzbekistan, the chairman of the Chamber of Commerce and Industry of the Republic of Uzbekistan Adham Ikramov, the president of the Italy-Uzbekistan Chamber of Commerce L. Iperti, as well as the leaders of Italian companies and banks, also spoke.