During his visit to the Chinese city of Guangzhou, the Minister of Foreign Affairs of Uzbekistan Bakhtiyor Saidov held a meeting with representatives of several local companies.
“On the sidelines of the business forum held in Guangzhou, we received representatives of several Chinese companies, such as China General Nuclear Power, Shenzhen Zhong Yi Group, and others," – the head of the Ministry of Foreign Affairs of Uzbekistan wrote in his telegram channel.
An exchange of views took place on the implementation of promising mutually beneficial projects in Uzbekistan in several areas – from smart technologies to “green” energy. Regarding investment opportunities, Saidov notes "We stand ready to support all foreign investors ready to explore the new opportunities in our country."
One of the key steps that contributed to the expansion of economic ties and increased trade turnover was the establishment of the most favored nation treatment in mutual trade. This made it possible to reach the $9bn mark for the first time by the end of 2022, and China became Uzbekistan’s main trading partner: in the seven months of this year, the total trade volume amounted to $6.9bn, an increase of 30.5%.
In recent years, attention has been paid to strengthening investment relations: between 2017 and 2022, Chinese investors showed a steady interest in Uzbekistan, investing heavily in agriculture, water supply, energy, textiles, engineering, and transport. The total volume of investments from China during this period amounted to about $11bn, of which $2.2bn was disbursed only in 2022.
Currently, there are over 2,000 enterprises operating in Uzbekistan with the participation of Chinese investments, 275 of which were created in 2022. The largest among them are Huawei, ZTE, Wenzhou Jinsheng Trading, Peng Sheng JV, Sinotruk, and HengBang Textile Central Asia.
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