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Uzbekistan, Germany Negotiating On Closer Cooperation

by Ulrika Lomas, Tax-News.com, Brussels

16 June 2011


Uzbekistan and Germany have held negotiations on financial and technical cooperation, where government reforms, new projects and investment were also discussed.

The talks were held in Tashkent on June 9, and attended by several ministers, including those responsible for foreign economic relations, trade, investment, economy, banking and finance, along with prominent Uzbek and German companies.

The Uzbek government has said that the talks were an opportunity for German participants to become acquainted with Uzbekistan's privatization process and economic reforms. The free industrial zone of Navoi, and the favourable conditions and opportunities the government regards as offered by it, were also discussed.

Negotiators also turned to the potential for the development and implementation of new joint projects. Investment, financial and technical cooperation were all on the agenda, as was the promotion of direct contacts among businesses.

According to the Uzbek government, Germany is an active investor in the economy, with German investment currently worth over EUR1bn. In accordance with the Partnership and Cooperation Agreement signed between Uzbekistan and the European Union preferential treatment has been established in trade relations between the two countries. As a result, the volume of bilateral trade has increased steadily in recent years, exceeding USD483m last year.

Government figures also show that there are currently 114 joint ventures created with participation of German investors, while 49 Germany companies hold representative offices in Uzbekistan. They operate in such areas as light industry, medicine and pharmaceuticals, research, trade, agricultural processing, transportation of passengers and goods, and automotive services. German banks participate in large investment projects, and joint research is conducted in industry, agriculture, and natural resource management.

TAGS: business | agreements | Germany | trade | Uzbekistan

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