Uzbekistan and Canada are actively developing economic dialogue

Tashkent, Uzbekistan (UzDaily.com) -- The Embassy of Uzbekistan in Washington, which is also accredited in Canada, held a series of events in Toronto and Montreal with the participation of leading Canadian companies.

Thus, in Toronto, together with the Canadian Business Association in Russia and Eurasia (CERBA), a round table was organized to discuss ways to further develop economic cooperation between Uzbekistan and Canada, the press service of the Ministry of Foreign Affairs of Uzbekistan said in a statement.

The event was attended by representatives of more than 40 companies, including Bombardier (aircraft industry), Behlen (construction), HATCH (engineering), Dentons (consulting services), SkyPower (solar energy), Phoenix Geophysics "(mining industry) and several others.

Participants of the "round table" noted that Uzbekistan is rapidly developing, turning into a "hub of economic progress in Central Asia." In recent years, the country has created the most favorable conditions for foreign business, and Canadian companies are “ready to seize the moment” to invest in this promising market.

During the event, Ambassador Javlon Vahabov and CERBA Chairman Jilles Bretonne signed a Memorandum of Cooperation between the Embassy of Uzbekistan and CERBA. The document is aimed at deepening cooperation in the field of increasing trade and investment between the two countries. The document envisages exchange of information on promising areas of economic cooperation and changes in the laws of the two countries in the field of supporting foreign business.

At the end of the round table, an agreement was reached on the organization of a trade mission to Uzbekistan in May 2019, which will consist of companies in the oil and gas industry of the province of Alberta. The delegation will also take part in the work of the international conference-exhibition “Oil and Gas Uzbekistan-2019” in Tashkent and will hold a series of talks in relevant ministries and departments.

Another event in the field of development of economic cooperation with Canada was the presentation of the investment potential of Uzbekistan, held in Montreal with the participation of representatives of leading Canadian production and financial structures.

Participants of the event noted that the reforms implemented in the country in the sphere of liberalization of the economy and the creation of favorable conditions for foreign investors open up new opportunities for the development of Uzbek-Canadian relations in the field of trade and investment. The following areas were identified as promising areas for interaction: agriculture, IT mining, engineering, service, and others.

As part of the event, an agreement was reached on organizing the participation of the Uzbek delegation in March 2019 in the world’s largest exhibition of the mining industry, PDAC, which is held annually in Toronto as part of the Congress of the Association of Geological Surveyors and Miners of Canada.

The participants of the presentation highly appreciated the initiative of the Government of Uzbekistan to involve well-known consulting companies BCG and McKinsey in developing strategies for implementing programs to reform key sectors of the economy. “This approach will increase the attractiveness of the country for foreign investors,” say Canadian business representatives.

In general, the round table in Toronto held by the Embassy of Uzbekistan in the USA and Canada, as well as the presentation of the investment potential of our country in Montreal, allowed to discuss in detail with leading Canadian companies the prospects for the further development of trade and investment cooperation between Uzbekistan and Canada. Canadian business shows a serious interest in developing cooperation with our country and is ready to take the most active part in the implementation of promising investment projects in the country.