Uzbekistan and the US ready to boost economic partnership
On 17 October Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan Jamshid Khodjaev held a meeting with the US Under Secretary of Commerce Marisa Lago.
During the talks the current state and prospects of trade and economic relations between the two countries were discussed.
The US Secretary of State underscored the unique conditions created in Uzbekistan for the comfortable activities of foreign investors. Impressive results of ambitious, wide-ranging and irreversible reforms, which have led to the creation of a more open, market-oriented economy, have been noted. Uzbekistan has successfully improved its international rankings on the investment climate and ease of doing business in the country, while reducing poverty and promoting a fair economy.
In this context, prospects have been considered for expanding investment cooperation, which has also demonstrated progressive development - over the past few years the number of enterprises with US capital in Uzbekistan has doubled to 315. An agreement has been reached to accelerate the process of signing a bilateral investment agreement and boost cooperation in attracting US companies and financial institutions to implement joint projects in Uzbekistan in sectors like mining, chemical and petrochemical industries, agriculture, textiles, etc.
Prospects of increasing bilateral trade turnover have been discussed. The sides noted the positive dynamics in bilateral trade that has increased by 53 percent to nearly half a billion dollars in 2021 and by another 8.7 percent in the period from January to August 2022. Uzbek-American presidents expressed willingness to continue to work together to facilitate an even greater volume of Uzbek-American trade, including financial and technical assistance to diversify transport corridors for increasing the volumes of bilateral supplies of goods.
The sides expressed gratitude for the comprehensive support provided by the United States of America during the process of Uzbekistan's accession to the WTO, particularly through the USAID technical assistance project. The sides agreed to continue to cooperate closely with a view to accelerate Uzbekistan's accession to this organization.
Following the talks, the sides expressed commitment to continue active and constant dialogue on all the issues discussed to maximize the potential of economic cooperation between Uzbekistan and the USA.
