Uzbekistan and US discuss development of trade and economic relations

Tashkent, Uzbekistan (UzDaily.com) -- An annual Uzbek-American business forum was held in Tashkent on 23 October, organized by the State Investment Committee of the Republic of Uzbekistan in cooperation with the US-Uzbek Chamber of Commerce (AUTP) in the framework of the visit of a delegation of members of the Chamber on 21-25 October 2018.

With a welcoming speech, Sukhrob Holmuradov opened the forum, Deputy Prime Minister - Chairman of the State Investment Committee of the Republic of Uzbekistan.

Further, the participants of the event were greeted by Carolyn Lamm, Chairperson of the US-Uzbekistan Chamber of Commerce.

On the eve, President of Uzbekistan Shavkat Mirziyoyev received a delegation of the American-Uzbek Chamber of Commerce led by Carolyn Lamm, where they discussed promising projects in various sectors of the economy: vagroindustrial complex, electrical engineering, pharmaceuticals, where the key role will be played by attracting best practices, modern technological achievements and direct investments from leading US organizations and companies.

A meeting was also held in the Senate of the Oliy Majlis of the Republic of Uzbekistan with the head of the Committee on International Relations. Carolyn Lamm took part in the opening ceremony of the official representative office of the law firm White & Case, which is one of the world’s leading law firms.

It was noted that this step opens up broad opportunities for both domestic business and foreign investors in high-quality and reliable legal support of activities. Today, the company’s annual turnover is more than US$1.5 billion, and White & Case has offices in 26 countries.

The 2018 Uzbek-American Forum was also marked by the participation of US Secretary of Commerce Wilbur Ross, who was visiting Uzbekistan for the first time. The head of the Ministry of Commerce delivered a welcoming speech to the participants of the business event.

It was underlined that since 1993, the US-Uzbekistan Chamber of Commerce has been serving as a platform to promote the development of bilateral trade, economic and investment relations, assist in establishing business contacts between organizations, associations and enterprises of the two countries, strengthen cooperation between authorized ministries and departments in order to implement and support joint programs and projects between the US and Uzbekistan.

During its activities, the US-Uzbekistan Chamber of Commerce has won the trust of the largest world-renowned companies, as evidenced by the increase in the number of AUPP participants in recent years - from 11 to 37 companies. Today, the Chamber of Commerce unites such brands as Procter & Gamble, ExxonMobil, John Deere, Visa, Medtronic and many others.

During the first 9 months 0f 2018, thanks to active cooperation with American companies, the sides managed to increase the bilateral trade by almost 2 times and bring it to US$332 million.

Currently, 210 enterprises with the participation of US companies are successfully operating in the Republic of Uzbekistan. Since the beginning of 2018, 25 enterprises have been created with the participation of American capital.

The total amount of American investments and loans attracted to the economy of Uzbekistan for the period from 1998-2017 is over US$1 billion.

During the last visit of the President of Uzbekistan Shavkat Mirziyoyev to the United States this year, agreements were signed for the implementation of projects totaling US$4.8 billion in agriculture, energy, chemistry, finance, tourism, the textile industry, health care and digital technologies. The American side also supported the intention to join Uzbekistan to the World Trade Organization.

As part of the Uzbek-American Forum, panel sessions were organized to discuss the republic’s investment potential, further prospects for bilateral cooperation and mechanisms for financing projects and supporting mutual trade with the participation of USAID, international financial institutions EBRD and ADB, and companies such as CNH Industrial General Electric, Coca-Сola Company, John Deere, Private Investment Corporation Abroad, OPIC.

A ceremony of signing documents aimed at strengthening trade, economic and investment cooperation between Uzbekistan and the United States took place.