The event brought together senior policymakers and business leaders from the UK and Uzbekistan to network and discuss bilateral trade.
UBTIC is an annual forum to discuss opportunities to promote and increase bilateral trade and investment, which was established by the governments of the UK and Uzbekistan in 1994. This year it was held in Tashkent as an in-person event.
According to UK’s Trade Commissioner for Eastern Europe and Central Asia Kenan Poleo, bilateral trade has more than doubled within the last year:
“I think we can evaluate the success of our relationship by the fact that it has grown since we last signed our agreement in November 2021 for the preferential trade relations we have with Uzbekistan. So the trade relations growing by 128% is quite significant. I am very optimistic and hopeful about the future trade of our countries growing. I am very excited today because we have businesses from the financial and professional services, also from infrastructure and construction, from the education sector looking to see how they can work together to collaborate, to develop new projects, new services, and new products for global markets.”
Additionally, the Director General of the UK Department for International Trade, Andrew Mitchell, highlighted the interest in the economic reforms carried out in our country:
“The distance between our countries is far, but the relationship is strong and it is growing. We are delighted because bilateral trade now has doubled over the course of the year. And what that tells us is that we are united by a desire to grow this trade relationship. We have big ambitions. We are here today because we really believe that the reform programme that Uzbekistan has embarked upon will improve the conditions of British businesses operating here. We want to see trade going both ways. What really unites us is the desire to grow that trade relationship.”
The session was attended by around 100 leading British companies, educational and financial institutions as well as government officials. Representatives of trade and industry of the two countries exchanged ideas in sectoral sessions, negotiations were held and agreements were signed.
The program also included four sectorial sessions on Financial & Professional Services, Infrastructure & Construction, Education, and the UK’s Generalised Scheme of Preferences (GSP). These sessions were aimed at outlining Uzbekistan’s ambitious privatisation agenda, highlighting the IPO plans of some of the largest Uzbek companies, showcasing large-scale Public Private Partnership and infrastructure projects and discussing education opportunities and the wider business environment.
“Trade and economic relations between Uzbekistan and the UK today have a positive trend. In recent years, the number of enterprises in our country with the participation of British capital has reached 338. 215 of these are joint ventures, and 123 have 100% British capital. Due to the favorable investment climate created in our country, these companies operate in the fields of agriculture, food, mining, pharmaceutical, textile and chemical industries,” stated Deputy Minister of Investments and Foreign Trade of Uzbekistan Badriddin Abidov.
British Embassy Tashkent Press Service Ⓣ
