Uzbek-Chinese business forum held in Xi’an

On May 17, in Xi’an, on the eve of the visit of President Shavkat Mirziyoyev to China, an Uzbek-Chinese business forum was held, which was attended by over 400 large Chinese companies interested in establishing cooperation with Uzbekistan.

Photo: MIIT

Addressing the forum participants with a welcoming speech, the Minister of Investments, Industry and Trade of Uzbekistan Laziz Kudratov highly appreciated the resolute attitude of business circles to establish a mutually beneficial partnership, the MIIT press service reported.

The consistent dynamics of the growth of trade, economic and investment relations between the two countries was emphasized. At the end of 2022, trade increased by 20% and reached a record $9 billion. At the same time, the heads of the two countries set a specific goal - to bring the figure to $10 billion this year, which can be achieved through joint efforts and coordinated actions.

Stable growth is also noted in the investment sphere. The total volume of disbursed Chinese investments has increased 5 times since 2017 and amounted to $11 billion. In 2022 alone, $2.2 billion of Chinese investment was disbursed. The number of joint ventures in Uzbekistan has tripled over the past 5 years.

Representatives of the Chinese business community were familiarized in detail with the positive structural changes and comfortable conditions created in Uzbekistan for doing business. The introduction of tax and customs benefits for investors, the formation of a compact state apparatus, the deregulation of business, the introduction of the “one stop shop” principle when working with investors, the constitutional protection of private property and the independence of the judiciary aroused great interest.

The speakers called on Chinese entrepreneurs to take advantage of the conditions created. In this context, the most promising areas of partnership are the automotive industry, including the use of alternative energy sources, green energy, agriculture and fruit and vegetable processing. Also, as noted, cooperation in the electrical industry, pharmaceuticals, and chemistry has great potential.

The forum also included presentations of specific project proposals and initiatives for joint implementation, covering dozens of different areas and areas. The forum participants were able to discuss the upcoming cooperation in more detail within the framework of B2B and G2B negotiations.

Following the event, agreements were signed on the implementation of joint investment projects and trade contracts.