On November 28, the 27th meeting of the Uzbek-British Trade and Industry Council (UBTIC) unfolded in London, presided over by Badriddin Abidov, Deputy Minister of MIIT in Uzbekistan, and Malcolm Offord, Deputy Secretary of State of the British Parliament and Minister of Export. This gathering marked a pivotal moment in the ongoing collaboration between Uzbekistan and the United Kingdom.
Diversification of Exports: Experts convened to review and endorse proposals aimed at expanding the range of Uzbek products exported to the UK. This strategic move is expected to boost trade turnover and foster economic diversity in both nations.
Deepening Investment Cooperation: The meeting witnessed a commitment to deepen investment cooperation between Uzbekistan and the UK. This aligns with the mutual interest in creating an environment conducive to foreign investment, promoting economic growth in both countries.
Panel Sessions on Key Sectors: Panel sessions addressed crucial aspects of the economic partnership, including finance, education, textile industry, transport, digital technologies, and business process outsourcing. These sessions provided a comprehensive overview of the collaborative efforts needed to propel these sectors forward.
Signing of Joint "Road Map": A significant outcome of the meeting was the signing of a joint "Road Map" designed to guide and facilitate the further expansion of economic, trade, and investment relations between Uzbekistan and the UK. This document serves as a strategic blueprint for future collaborative endeavors.
Agreements and Memoranda: Several agreements and memoranda were inked to concretize the discussions and commitments made during the meeting. These documents outline practical steps for the implementation of the agreements, covering various aspects of the bilateral relationship.
Trade and Investment Statistics: Over the past five years, trade turnover between Uzbekistan and the UK has more than doubled, reaching $315mn at the end of the first 10 months of this year. This remarkable growth underscores the strengthening economic ties between the two nations.
Currently, Uzbekistan hosts 273 enterprises with British capital. Among them, 162 are joint ventures, reflecting the collaborative spirit in various industries, and 111 are enterprises with 100% British capital, highlighting the confidence of British investors in Uzbekistan's business environment.