Tashkent, Uzbekistan (UzDaily.com) -- On 19 August 2020, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov met with Minister of Industry and Trade of the Russian Federation Denis Manturov.

The parties highly appreciated the current level of strategic partnership between the two countries, the dynamics of which has shown steady growth over the past three years. At the same time, they emphasized the significant untapped potential for the further expansion of investment and trade and economic cooperation, as well as the need to intensify joint work to develop specific proposals for realizing this potential.

As noted, a number of large projects in the fields of metallurgy, energy, production of building materials and processing of fruits and vegetables are underway.

At the same time, during the dialogue, a mutual commitment was expressed to further support joint initiatives in the field of industrial cooperation and expand investment cooperation by covering new priority areas, such as petrochemicals, woodworking, textile and food industries.

Also, the Russian side expressed its readiness to consider the possibility of cooperation in financial and technical assistance for the implementation of comprehensive programs aimed at the development of the regulatory and legal framework governing the issues of standardization, certification and technical regulations, as well as institutional development and increasing the human resources of specialized departments of Uzbekistan by organizing special educational programs, trainings and seminars.

Following the meeting, a Memorandum on trade and economic cooperation and industrial cooperation was signed between the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan and the Ministry of Industry and Trade of the Russian Federation.

The document also stipulates the creation of a project office, the main tasks of which will be to assist in the creation of joint ventures by economic entities of the Russian Federation and the Republic of Uzbekistan, as well as to identify potential areas of mutually beneficial trade and economic cooperation and industrial cooperation between the two countries.