Trade between the European Union and Uzbekistan has seen major growth in recent years. In 2023, EU exports increased by 16%, totaling €4.35bn, as it was highlighted by Charlotte Adrian, the EU Ambassador to Uzbekistan, during an event organized in collaboration with EUROUZ on June 4.
“As we celebrate the 30th anniversary of EU-Uzbekistan cooperation, I am pleased to see that our trade indicators are growing rapidly in recent years,” stated Adrian.
To put this growth into perspective, EU exports in 2022 were valued at €3.77bn, reflecting a substantial 63.9% increase from the previous year. Similarly, EU imports from Uzbekistan in 2022 reached €845mn, a 77.1% rise. However, in 2023, EU imports from Uzbekistan saw a slight decrease of 8%, amounting to €780mn. Despite this, the overall trade turnover between the EU and Uzbekistan grew by 11%.
Ambassador Adrian emphasized Uzbekistan’s potential for foreign investors, citing factors such as a young and educated population, abundant natural resources, and a rapidly expanding market.
“Uzbekistan has a huge potential to offer foreign investors,” she noted.
The ambassador also expressed the EU's commitment to supporting Uzbekistan's extensive reform initiatives, which aim to create a more equitable business environment for European companies.
The EU is committed to using all available means to assist Uzbekistan in its economic development, including supporting the country’s accession to the World Trade Organization (WTO) or the Enhanced Partnership and Cooperation Agreement (EPCA).
“The main goal of our cooperation is to contribute to the overall economic development of Uzbekistan,” said Adrian.
She emphasized that these reforms would ensure equal conditions for European companies, potentially attracting more European investment to Uzbekistan.
Acknowledging Uzbekistan’s geographical challenges, particularly its lack of access to the sea, Ambassador Adrian mentioned the Global Gateway initiative. This initiative aims to foster stronger, greener, and more sustainable connections between countries, markets, and people. The Trans-Caspian transport corridor and the Digital Team Europe initiative are part of these efforts to enhance regional cooperation and diversification.
During the event, EUROUZ General Secretary Oybek Shaykhov and board member Louis Skyner pointed out the need to establish a platform for effective dialogue between foreign investors, local businesses, and the Uzbek government. They stressed that such a platform would help translate opportunities into practical investments and enhance cooperation between Uzbekistan and European countries.
In recognition of their dedication to strengthening economic ties between the EU and Uzbekistan, 17 new members of EUROUZ were awarded membership certificates.
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