NEWS

UZBEKISTAN

At a media briefing, the Presidents expressed satisfaction with the results of the negotiations, which took place in a traditionally friendly atmosphere, in a spirit of openness and mutual understanding.

Presidents Shavkat Mirziyoyev and Moon Jae-in signed a Joint Declaration on Special Strategic Partnership between the Republic of Uzbekistan and the Republic of Korea.

Documents were signed between governments and ministries regarding the promotion and mutual protection of investments, exploration of space for peaceful purposes, cooperation in science, technology and innovation, creation of Uzbekistan – Korea center for cooperation in health sector, and others.

At a media briefing, the Presidents expressed satisfaction with the results of the negotiations, which took place in a traditionally friendly atmosphere, in a spirit of openness and mutual understanding.

– Our negotiations have demonstrated that cooperation between Uzbekistan and South Korea in political, trade-economic, investment, cultural-humanitarian and other fields fully meets the long-term interests of our peoples, as well as similar positions on regional and international, security and stability issues, – said Shavkat Mirziyoyev. – The Joint Declaration on Special Strategic Partnership, signed today, testifies that relations between our countries have reached a completely new level.

– I express my deep respect to the President of Uzbekistan, a country to which the whole world’s attention is riveted today. Shavkat Mirziyoyev with his reforms in all areas – politics, economy, social life – leads Uzbekistan to a new era of development. Today we have assigned the status of a special strategic partnership to bilateral relations. We discussed the mechanisms for its implementation, new areas of cooperation development, reached promising agreements, – said Moon Jae-in.

The visit resulted in the signing of agreements on implementation of programs and projects in trade-economic, investment and financial-technical cooperation worth over $12 billion.

Exports during this period reached $4.1 billion (growth rate - 20.6%), and imports – $5.2 billion (growth rate - 32.9%). The foreign trade balance made up minus $1.1 billion.

Uzbekistan's foreign trade turnover in January-March 2019 amounted to $9.4 billion, this is $2 billion or 27.2% more than in the corresponding period last year.

Exports during this period reached $4.1 billion (growth rate - 20.6%), and imports – $5.2 billion (growth rate - 32.9%). The foreign trade balance made up minus $1.1 billion.

According to the correspondent of The Washington Diplomat Viktor Shibli, the liberalization of legislation, the creation of acceptable conditions for foreign investors open a new era in Uzbekistan's dialogue with major players in the international banking and financial system.

The Embassy of Uzbekistan in the United States organized an extended meeting with representatives of leading American corporations, funds and banks from Wall Street.

The event saw more than 50 people, representing over 30 major US companies, including such investment funds as Lazard Asset Management, GoldenTree Asset Management, Morgan Stanley Investment management, Eaton Vance Corp, Callaway Capital Management, VanEck, HIMCO, Jyske Capital, Oppenheimer, TIAA and others, whose assets are estimated at over $100 billion.

In his welcoming speech, Ambassador Javlon Vakhabov outlined the current trends in the economic development of Uzbekistan, priority areas for improving fiscal policy, banking, monetary, customs and tax spheres, as well as highlighted the benefits and preferences created for foreign investors.

As a result of talks, an agreement was reached to organize a visit of representatives of several investment corporations from Wall Street to Uzbekistan in the near future in order to study the local market and subsequent financial investments.

According to the correspondent of The Washington Diplomat Viktor Shibli, the liberalization of legislation, the creation of acceptable conditions for foreign investors open a new era in Uzbekistan's dialogue with major players in the international banking and financial system.

The head of our state, sincerely welcoming the representative delegation of the UAE, gave a high assessment to the progressive development of the Uzbek-Emirati multifaceted relations.

President Shavkat Mirziyoyev received the delegation of the United Arab Emirates headed by the Minister for Government and Future Affairs Muhammad bin Abdullah al-Gergawi.

The head of our state, sincerely welcoming the representative delegation of the UAE, gave a high assessment to the progressive development of the Uzbek-Emirati multifaceted relations.

He stressed that the fruitful summit meetings held in March this year in Abu Dhabi and Dubai marked the beginning of a new stage in strengthening partnership and deepening practical cooperation between the two states.

Following the visit, important agreements were reached and a large package of bilateral documents was signed, including in the framework of promotion of promising investment projects in various sectors of the economy totaling more than $10 billion.

During today's conversation, the importance of continuing active dialogue and intensive exchanges at the level of state organizations, research centers, leading companies and enterprises, as well as banking and financial institutions was noted.

The volume of investments in fixed assets last year increased by more than 18 percent. This, in turn, ensured the growth of industrial production by 14.4 percent.

 

President Shavkat Mirziyoyev chaired a video conference devoted to the analysis of the implementation of investment projects, as well as tasks for the first half of the year.

About 700 investment agreements were concluded to attract tens of billions of dollars in recent years, as a result of negotiations with the heads of foreign states and international financial organizations, leading business representatives.

The volume of investments in fixed assets last year increased by more than 18 percent. This, in turn, ensured the growth of industrial production by 14.4 percent.

According to the 2019 Investment Program, in the framework of more than 3.2 thousand projects, it is planned to utilize investments worth almost $14 billion. In particular, it is planned to channel more than $4 billion of foreign direct investments on 320 projects.

The head of state proposed to introduce a new control system to ensure the timely utilization of investments. According to it, all projects involving foreign direct investment will be divided into four lists, which will be monitored separately.

The first list will include 27 major strategic projects, providing for the utilization of $3.6 billion of foreign investments in the current year. Their implementation will be under the constant control of the President.

The second list will comprise 65 major projects totaling $1.3 billion, their implementation will be under the control of the Prime Minister.

The third list, which will be monitored by deputy prime ministers, and includes 65 projects involving the utilization of $407 million of foreign investments.

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