The 27th session of the Uzbek-British Trade and Industry Council (UBTIC) concluded successfully in London on 28-29 November. The annual forum served as a platform for fostering connections between British businesses, Uzbek counterparts, and influential policymakers.
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The UBTIC event spanned various locations in London, featuring sector-specific sessions and panel discussions focused on key areas such as financial and professional services, IPO and Eurobonds, textiles and agriculture, transport infrastructure and urban development, digital technologies and FinTech. The delegations from both sides were led by Niall Mackenzie, Director General of Exports and UK Trade, and Badriddin Abidov, Deputy Minister of Investment, Industry, and Trade of Uzbekistan. Accompanying Deputy Minister Abidov were Komiljon Karimov, First Deputy Minister for Higher Education, Science and Innovation, Jasurbek Choriyev, Deputy Minister of Transport, and Rustam Karimjanov, Deputy Minister of Digital Technologies, who engaged with British businesses to explore collaboration opportunities within their respective sectors.
The business forum commenced with discussions on recent advancements in Uzbekistan's financial market and the UK's financial services sector. These discussions shed light on potential synergies, collaborative areas, mutual growth opportunities, and international financial strategies. The second part of the forum focused on the partnerships and developments between Uzbek and British educational institutions, emphasizing opportunities for transnational education cooperation and strategies to unlock mutual growth potentials. The third session centred around Uzbekistan's textile industry and explored avenues for cooperation with UK companies.
Niall Mackenzie expressed his satisfaction with the growth of trade between the UK and Uzbekistan. He also highlighted the significance of Uzbekistan's inclusion in the UK's Developing Countries Trading Scheme (DCTS), which has facilitated zero-tariff exports for businesses.
The UK's trade with Uzbekistan is going from strength to strength. In the four quarters leading up to the end of July 2023, UK exports increased by 16.5% compared to the same period in 2022. Even more impressively, UK imports from Uzbekistan increased by 489% over the same period.
Badriddin Abidov, Deputy Minister of Investment, Industry, and Trade of Uzbekistan, expressed his admiration for the United Kingdom, referring to it as "an oasis of modern technologies, great industrial potential, strongest financial system, rich history, diverse culture, and excellent education." He emphasized Uzbekistan's commitment to expanding cooperation with the UK and invited British investors to actively participate in the country's economic transformation and privatization efforts. Abidov expressed confidence in the British expertise.
We are sure that the British expertise will allow us to modernize our economy further.
During the event, a significant milestone was reached with the signing of a Memorandum of Understanding between Tashkent University of Information Technologies and London Metropolitan University. Lord Offord, Minister for Exports, who visited Uzbekistan in August, met with Deputy Minister Abidov and signed a bilateral Trade Plan, solidifying cooperation between the two countries in the coming years.
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