The inaugural Uzbek-Chinese interregional forum unfolded on January 22 in Urumqi, Xinjiang Uygur Autonomous Region, China, spotlighting a $14 bn surge in trade turnover over the past six years, as revealed by the Ministry of Investment, Industry, and Trade of Uzbekistan. The event drew high-profile delegates, including leaders from pivotal ministries, departments, industry associations, chambers of commerce and industry, holding companies, and more than 1,200 representatives from the dynamic business communities of both nations.
The forum highlighted the robust growth in the trade and investment partnership between Uzbekistan and China. Over the past six years, the trade turnover has doubled, surpassing the $14bn mark, with Chinese investments exceeding $15bn. Uzbekistan currently hosts over 2,000 enterprises with Chinese capital, demonstrating the strengthening economic ties between the two nations.
During the forum, speakers emphasized the positive trajectory of cooperation and outlined further steps to enhance collaboration. Promising directions for future cooperation were discussed, with an emphasis on direct interaction between regions and representatives of the business community.
A significant aspect of the event was the "B2B" and "B2G" negotiations session, generating keen interest among hundreds of Chinese businessmen. Company leaders from both countries engaged in detailed discussions, resulting in the signing of new mutually beneficial contracts and agreements across various sectors of the economy.
As a testament to the success of the forum, a total of 27 documents were signed, solidifying economic, trade, and cultural ties between all regions of Uzbekistan and corresponding provinces of China. Additionally, a substantial package of 30 agreements and contracts was inked between the business communities of the two nations.
Simultaneously, on the sidelines of the interregional forum at the Xinjiang International Convention & Exhibition Center, the grand opening of the "Made in Uzbekistan" exhibition took place. Covering an impressive 800 sq.m and featuring 14 stands, the exhibition showcased in-demand products from Uzbekistan's electrical, pharmaceutical, textile, and silk industries, as well as leather and footwear products, food, and household chemicals.
Earlier Daryo reported that Uzbekistan and China have witnessed consistent growth in their trade, economic, and investment partnerships. The bilateral trade turnover experienced a 40% increase in the past year, solidifying China's position as the primary trade ally. Chinese investments in Uzbekistan have skyrocketed by five times, resulting in a threefold rise in enterprises with Chinese involvement across diverse sectors. Numerous collaborative investment projects are currently underway, spanning high-tech industries, alternative energy, chemistry, mechanical engineering, metallurgy, electrical engineering, and the modernization of infrastructure.
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