23rd meeting of the Uzbek-British Council on Trade and Industry
On November 17, 2016, the 23rd meeting of the Uzbek-British Council for Trade and Industry (UBSTP) was held in Tashkent.
The British delegation was led by Co-Chairman of the Council Barbara Haye, Uzbek - by the Minister of Foreign Economic Relations, Investments and Trade E. Ganiev.
The event was also attended by representatives of more than 30 British companies operating in the oil and gas, energy, mining, food, pharmaceutical industries, as well as in finance, consulting, auditing, education, etc.
In her speech, Barbara Haye highlighted the huge potential for cooperation in various sectors of the economy. She stressed that the arrival of a representative delegation of the British business community in Uzbekistan is evidence of the growing practical interest and the desire of the British side to actively expand mutually beneficial cooperation with Uzbekistan, primarily in the trade, economic, investment and technological spheres.
She also praised the ongoing economic reforms in Uzbekistan aimed at diversifying industries and modernizing industry, especially noted the created favorable investment climate and ample opportunities for successful business activities.
A presentation of the economic and investment potential of the Republic of Uzbekistan was held during the meeting. Also, the foreign party was thoroughly acquainted with the large-scale privatization program adopted in the country, which provides for the sale of a state stake in enterprises of Uzbekistan to foreign investors.
Presentations were made by the British and Uzbek companies on such promising areas of bilateral cooperation as oil and gas, energy, mining, pharmaceuticals, education, tourism, etc.
Memorandums of cooperation were signed with British companies such as Bee Energy (oil and gas infrastructure), Pearl's Europe (production of filters) and British Pharma (production of pharmaceuticals) within the framework of the Council meeting.
Also, within the framework of the meeting, the ceremony of awarding certificates of FIEZ "Navoi" as the best free economic zone in the region was held.
In particular, the authoritative British magazine FDI Magazine (the publishing group Financial Times) awarded FIEZ Navoi with a victory in three categories of the international competition for the best free economic zones of the year. In particular,
first place in the category "Best Free Economic Zone of the Year in Central Asia";
second place in the category "Best Free Economic Zone of the Year in Asia" (first place in Shanghai, PRC);
second place in the nomination "The best free economic zone of the year in Asia to attract small and medium-sized businesses" (the first place is the zone "Dahege", India).
In the afternoon the cooperative exchange was held, during which separate negotiations were held between the interested companies of the two countries.
For reference: the Uzbek-British Council on Trade and Industry was established in 1994. The last (22nd) meeting was held in London on November 18, 2015.
A number of intergovernmental and interdepartmental agreements have been signed between the Republic of Uzbekistan and Great Britain. Including "On the avoidance of double taxation of income and prevention of income taxes", "On mutual encouragement and protection of investments", "On economic cooperation", etc.
The United Kingdom is one of the major trade and economic partners of Uzbekistan in Europe.
The volume of mutual trade between the two countries at the end of 2015 amounted to 105.7 million dollars. For January-September of this year - 106.8 million dollars.
In Uzbekistan, 544 companies and companies operate with British capital, and representations of 71 UK companies are accredited.
The main activities of these enterprises are food, chemical, mining, pharmaceutical and textile industries, as well as services and trade.
