Uzbekistan – USA: Trade and economic cooperation to be expanded

As previously reported, the President of the Republic of Uzbekistan Shavkat Mirziyoyev will pay the first official visit to the United States of America on May 1517, 2018, at the invitation of the President of the United States of America Donald Trump. During the visit, the sides will discuss the state and prospects of development of Uzbekistan � American cooperation, exchange views on current international and regional issues.

Uzbekistan and the U.S. are noticeably stepping up their cooperation in politics and security, trade, investment, finance, technology, cultural and humanitarian spheres. At the same time, meetings and contacts between the heads of states are of great importance.

Trade, economic and investment cooperation is developing at an accelerated pace. The legal basis for cooperation in this regard is laid down in the Intergovernmental agreement on investment, signed in October 1992.

Currently, the U.S. is considering an intergovernmental agreement on mutual promotion and protection of investments.

According to the Ministry for Foreign Trade of the Republic of Uzbekistan, the trade turnover amounted to 210.2 million dollars by the end of 2017. In the structure of export, the basic share falls on services (71.4%), mechanical equipment (15.7%), dried peppers (3.3%), fruit and vegetable products (3.1%). Pharmaceutical products, mechanical and electrical equipment, plastic products, optical devices, rubber products, vehicles, artificial fiber are imported from the USA.

The trade turnover between the two countries increased by 23.2 percent compared to the same period last year in the first quarter of 2018.

In development of mutually beneficial trade, economic and investment cooperation between Uzbekistan and the United States of America an important role belongs to the American � Uzbekistan Chamber of Commerce. This institute, established twenty years ago, has turned into an important mechanism for supporting and implementing joint projects in various sectors of the economy, a reliable bridge between business people of the two countries.

Representatives of more than 20 leading U.S. companies took part at the meeting of the American � Uzbekistan Chamber of Commerce in Tashkent, on February 1, 2017.

The President of the Republic of Uzbekistan Shavkat Mirziyoyev received the heads of leading U.S. companies during his visit to the United States last September, in New York. The meeting was attended by representatives of American � Uzbekistan Chamber of Commerce, heads of such companies as "General Electric", "Honeywell", "CNH Industrial", "Deer&Company".

During the negotiations, issues of joint development of Uzbekistan's gas transportation system, construction of hydroelectric power stations, organization of production of modern medical equipment and lamps, agricultural machinery, implementation of hightech joint projects in petrochemical and energy sectors, supply of aviation equipment were discussed.

At the meeting, the Chairman of American � Uzbekistan Chamber of Commerce, Carolyn Lamm, confirmed her readiness for active participation in implementation of joint programs and projects with Uzbekistan.

The Uzbekistan � American business forum that took place during the visit was a great event in further strengthening relations between the business circles of the two countries, a good opportunity to discuss promising joint projects and achieve mutually beneficial agreements. Heads of more than 100 leading U.S. companies took part in it.

American businessmen praised the reforms carried out on liberalizing the foreign exchange market in Uzbekistan, largescale work on strengthening the banking and financial system, reducing the tax burden, creating additional benefits and preferences for investors, including in created free economic zones.

Following the event, a large package of documents worth $2.6 billion was signed, including on implementation of promising joint projects with corporations General Electric and Honeywell in the oil and gas and petrochemical sectors, CNH Industrial, John Deere and Caterpillar in the field of mechanical engineering, OSI Systems and Lutron in the field of electrical engineering, and with Boeing in the field of civil aviation.

Such efforts will serve to further expansion of presence of American investors in the economy of Uzbekistan, implementation of promising joint projects and improving the welfare of people.

Source: The Government portal of the Republic of Uzbekistan