On September 15, a round table in Uzbekistan's Samarkand highlighted significant developments in the investment climate of Uzbekistan and its collaboration with Germany. The event underscored the outcomes of recent reforms, including a threefold increase in foreign direct investment (FDI) since 2017, stable economic growth of 5%, an 8% rise in industrial production, and a doubling of export volumes.
The round table focused on the notable reforms in Uzbekistan, such as substantial tax reductions, the removal of customs duties on 8,000 items, and the elimination of numerous licensing requirements. These changes are supported by new legislative protections for investors. Uzbekistan's strategic goals include raising GDP to $160bn, achieving a per capita income of $4,000, and securing accession to the World Trade Organization (WTO).
Presentations at the meeting highlighted the investment potential within Uzbekistan's electrical, machine-building, and chemical industries. German business leaders discussed their plans to enter the Uzbek market and proposed specific areas for joint ventures, aiming to integrate Uzbekistan’s natural resources and skilled workforce with Germany’s technological and industrial expertise.
The round table concluded with several agreements and contracts spanning various sectors, including copper product manufacturing, medical and personal hygiene products, textiles, vocational training development, and employment opportunities for Uzbek citizens in German companies. A key agreement was the Program for Technological Partnership and Industrial Cooperation between Uzbekistan and Germany for 2024-2026, signed by Laziz Kudratov, Minister of Investment, Industry and Trade of Uzbekistan, and Michael Harms, Executive Director of the Eastern Committee of the German Economy.
The Samarkand round table marked a significant step forward in enhancing Uzbekistan's investment climate and strengthening its economic ties with Germany.
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