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NEWS AND EVENTS
November 29, 2013
Uzbek, Chinese Entrepreneurs Meet in Business Forum
Entrepreneurs from Uzbekistan and China gathered for a bilateral business forum in Tashkent’s Business Center on November 27.

The event was attended by heads of ministries and other government agencies, companies and corporations of Uzbekistan and China responsible for foreign economic ties, banking and finance, machine building, aircraft engineering, high technologies, textile and light industry, air shipping, energy sector, hydrocarbons, exports and imports, manufacturing of construction materials and carriages, pharmaceuticals, commerce and industry, investments, transport and transport communications, electric and technical appliances, chemical, furniture, and mining industries, information technologies and telecommunications, software production, tourism and logistics.

The First Deputy Prime Minister of the Republic of Uzbekistan – Minister of Finance Rustam Azimov, the Deputy Chairman of the SCO Committee for Good Neighborliness, Friendship and Cooperation Zhan Deguan and others stressed in particular the steadfast development of cooperation between Uzbekistan and China across all the spheres, the important normative base of which are the agreements reached during the meetings of the heads of our two states. The official visit by President of the Republic of Uzbekistan Islam Karimov to the PRC that took place in June 2012 and the state visit by President of the People’s Republic of China Xi Jinping in September 2013 to our country have filled the bilateral relations with new substance and served for the further consolidation of mutually advantageous ties.

The interaction between Uzbekistan and China has currently been advancing dynamically in all areas on the basis of the Treaty on Partnership Relations of Friendship and Cooperation, as well as the Joint Declaration on the Establishment of Strategic Partnership. China occupies a leading place among the commercial and economic partners of Uzbekistan. In excess of 170 international and normative acts have been signed concerning the consolidation of cooperation between our two nations.

It was especially noted at the forum that the Uzbek Model of development worked out by President Islam Karimov and dedicated to the implementation of wide-ranging structural reforms has been studied with keen interest around the world, while the remarkable economic indicators being achieved by our country are being highly acknowledged by international financial organizations. As a result of the consistently undertaken economic reforms in Uzbekistan, an effective investment environment has been created in this country, and the extensive system of preferences, privileges and guarantees of the protection of rights and interest of foreign investors has been fixed in the legislation.

The Decree of the head of our state “On Additional Measures to Attract Direct Foreign Investments” signed 10 April 2012 serves as an important factor in uplifting these efforts to a qualitatively new level.

More than three billion dollars of foreign, primarily direct, investments are being drawn by our country every year. This is suggestive of the mounting interest and confidence of foreign investors, of Chinese business people in particular, to the stable economy of our country and the prospects of its development.

A most-favored nation regime operates between Uzbekistan and China. The mutual trade turnover has been growing in volume. It reached 3.4 billion US dollars in 2012. In the first nine months of the year 2013, the bilateral trade turnover exceeded 3.5 billion dollars. In comparison to the similar period of last year, the indicator has grown by 60.8 percent. 488 joint ventures operate currently in Uzbekistan with the involvement of Chinese investments, and more than seventy companies of China run their representative offices in our country.

The investment cooperation is being realized as part of the Program of Cooperation in non-crude and high technology spheres, inked between the two governments in 2010. Today, our two nations have been interacting dynamically in the implementation of a variety of projects, first and foremost in the area of high technologies.

Chinese Companies are active in prospecting and development of hydrocarbon deposits. In particular, the China National Petroleum Corporation (CNPC) has been participating not only in prospecting and operating promising deposits of hydrocarbon crudes, but also in the realization of a project in deep reprocessing of natural gas at the Mubarek Gas-Chemical Complex.

“China has been attaching a particular significance to the promotion of practical cooperation with Uzbekistan,” says the Deputy Chairman of the SCO Committee for Good Neighborliness, Friendship and Cooperation Zhan Deguan. “Currently, the interaction between our two countries has been advancing steadily and with good pace. Our partnership in such spheres as power sector, agriculture, mineral resources, machine building and manufacturing industry has splendid prospects.”

In the implementation of schemes in high technologies, important have been the free economic zones in Navoi, Angren and Jizzakh. In these zones, facilitating the integrated and effective application of production and resource potentials, the organization of new jobs on this basis and the elevation of population incomes, optimal conditions have been created for the attraction of foreign and local investments with a purpose of establishing high technology enterprise who secure the production of competitive goods with higher added value. Notably, mobile phones, construction materials and other products are being manufactured at the Jizzakh Special Industrial Zone in cooperation with Chinese entrepreneurs. During the current forum, the Chinese guests were presented with detailed information on the created opportunities and privileges in these economic zones.

“The most favorable environment and encouraging investment climate have been created in Uzbekistan to foreign entrepreneurs for doing business,” says Jin Zhou, director general of the Chinese company Yahgzhou Sanxin Mining Equipments. “In this regard, mutually beneficial joint projects have been on the run in various directions. There is a great demand in elevators in Uzbekistan, and in the entire Central Asia. Taking this into account, we intend to launch production of high quality lifts in 2014 at the Jizzakh Special Industrial Zone.”

The event was taken part by numerous representatives of leading Chinese firms and companies, indicative of their high interest in the implementation of joint schemes with Uzbek entrepreneurs, in drawing investments into the economy of Uzbekistan and the further enhancement of enduring cooperation.

At the forum, it was expounded on promising aspects in the development of economic and investment interaction between Uzbekistan and China. Discussed were the issues in the further promotion of ties in such sectors as trade and industrial, fuel and energy complex, chemical industry, high technologies, production of construction materials and medical equipment, automotive industry, electric and technical appliances, textile and light industry, leather products, pharmaceuticals, joint elaboration and realization of mutually advantageous projects on these fronts.

Toward the end of the business forum, a number of investment agreements were inked that are dedicated to the further expansion of mutually beneficial cooperation across diverse spheres.

(Source: Uzbekistan National news agency UzA)


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