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A round table organized with the leading singapore companies

On February 3, an International Uzbek-Singaporean round table was organized at the International Hotel, with representatives from 5 leading Singaporean companies led by Soo Wei Chieh, Executive Director of the Singapore Business Federation. From the Uzbek side, the organizer of the event was the Ministry of Investment and Foreign Trade, with the participation of the Investment Promotion Agency.

Representatives of international companies such as Deloitte & Touche LLC, Globalink Logistics, and Annexure Financial Solutions, actively represented in the Uzbek market, also joined the event.

Opening the round table, Soo Wei Chieh noted that over the past 3 years, under the leadership of the President of Uzbekistan Shavkat Mirziyoyev, the ongoing reforms have gained a completely new momentum and allowed to improve the country’s position in international economic ratings. The activities on transforming the country and building an open society with a market economy are highly appreciated.

He stressed that a lot of work has been done to address systemic issues, such as currency conversion, removing restrictions on the repatriation of income of foreign companies.

Then, a representative of the ministry greeted the guests, noting that Uzbekistan and Singapore have reliable and long-standing friendly relations. The mutual interest of the countries is fixed by a number of successful joint projects in the chemical and textile sectors, in the field of education, as well as in the creation of a fruit and vegetable logistics center.

The meeting participants were also informed that a large-scale event, the Tashkent International Investment Forum, scheduled as one of the landmark events of the year in the Central Asian region, will be held on March 5-6.

Further, according to the program of the event, company representatives made presentations under the moderation of the deputy director of the UZIPA Oybek Elmuratov.

The head of the UZIPA department, Behzodkhon Alikhanov, made a presentation of “Invest in Uzbekistan” to Singapore’s business community, with detailed information on reforms carried out in recent years to improve the country’s investment and business climate, as well as on the investment potential of the country’s economy.The foreign side was greatly interested in the presentations prepared by the specialists of Deloitte LLC, which reveal an understanding of the legal and tax system of the Uzbek market and the implementation of labor policy.

During the talks, representatives of Singaporean companies noted that today Uzbekistan is a key market in Central Asia and can become an effective direction for investment and implementation of joint projects with the participation of capital of Singaporean enterprises. Priority areas of cooperation include such areas as energy, ICT development, the chemical industry, the automotive industry, as well as increasing the volume of mutual trade. In particular, the high quality of fruit and vegetable products of Uzbekistan in both dried and natural form was noted.

After the presentation, the meetings of the entrepreneurs of the two countries in the B2B format took place. At the end, the roundtable participants noted the great effectiveness of the meeting and outlined further steps for cooperation.