Volume of Uzbekistan-UK bilateral trade doubles over one year
Uzbekistan’s capital Tashkent hosted the 26th session of the Uzbek-British Trade and Industry Council. The event was attended by senior policymakers and business leaders from the UK and Uzbekistan who discussed measures aimed at expanding bilateral trade between the two countries.
UK’s Trade Commissioner for Eastern Europe and Central Asia Kenan Poleo said bilateral trade has more than doubled within the last year.
‘I think we can evaluate the success of our relationship by the fact that it has grown since we last signed our agreement in November 2021 for the preferential trade relations we have with Uzbekistan. So the trade relations growing by 128% is quite significant’, Kenan Poleo noted.
In his remark, the Director General of the UK Department for International Trade, Andrew Mitchell, highlighted the interest in the economic reforms carried out in Uzbekistan.
‘The distance between our countries is far, but the relationship is strong and it is growing. We are delighted because bilateral trade now has doubled over the year. And what that tells us is that we are united by a desire to grow this trade relationship. We have big ambitions. We are here today because we believe that the reform program that Uzbekistan has embarked upon will improve the conditions of British businesses operating here. We want to see trade going both ways. What unites us is the desire to grow that trade relationship’, Andrew Mitchell said.
Deputy Minister of Investments and Foreign Trade of Uzbekistan Badriddin Abidov stated that the number of enterprises in the Central Asian country with the participation of British capital has reached 338. 215 of these are joint ventures, and 123 have 100% of the British capital.
‘Due to the favorable investment climate created in our country, these companies operate in the fields of agriculture, food, mining, pharmaceutical, textile, and chemical industries’ Deputy Minister of Investments and Foreign Trade of Uzbekistan Badriddin Abidov stated.