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A seminar on tourism and investment for representatives of Japanese companies was organized with the participation of JETRO

With the assistance of the Embassy of the Republic of Uzbekistan in Japan and the Japanese Foreign Trade Organization (JETRO), on December 18, a seminar on tourism and investment was organized in the city of Nagoya with the participation of heads of large Japanese companies. Online the event was also attended by the management of the Investment Promotion Agency and the Export Promotion Agency, and specialists of the State Committee for Tourism Development of the Republic of Uzbekistan.

The meeting participants were greeted by a representative of the Embassy of the Republic of Uzbekistan in Japan and a representative of the JETRO department.About 50 representatives of Japanese companies arrived in Nagoya to take part in the discussion on further establishing productive cooperation.

The organized meeting became a logical continuation of the high-level business negotiations held between representatives of state structures of Japan and Uzbekistan, during the visit of the delegation headed by Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov in December this year.

Note that with the support of JETRO, several years ago, such well-known Japanese companies as H.I.S., Isuzu Motors, Balcom Co. Ltd “,” Gakko Plus “were able to enter the market of Uzbekistan and got the opportunity to study the potential of the republic for the implementation of a number of investment projects. JETRO also provides assistance in promoting the export of Uzbek fruit and vegetable and textile products to the Japanese market in the framework of cooperation with Japanese business representatives.

In order to expand the possibilities of trade interaction, the deputy director of the Export Promotion Agency under the Ministry of Investment and Foreign Trade Bobirzhon Kenzhaev spoke to the participants of the seminar. He stressed that compared to 2018 – 2019 the increase in exports this year between Uzbekistan and Japan increased by 15 percent and amounted to about $ 181.1 million. In the structure of exports, most of it falls on agricultural and textile products. At the same time, the government of Uzbekistan is creating opportunities to expand the export potential in the agricultural sector. It was noted that by covering the costs of obtaining international certificates and allocating subsidies for part of the payment of transport costs, the share in this area alone can be increased to $ 60 million. There is also a great potential for increasing trade between countries in the chemical industry.

Further, Oybek Elmuratov, Deputy Director of the Investment Promotion Agency, made a presentation on “Investments in Uzbekistan”. The participants of the meeting were briefly introduced to the current economic situation in the country, announced the measures taken by the government of the Republic of Uzbekistan to combat the spread of Covid-19 and develop a whole program to support the population and representatives of business structures. It was noted that thanks to the timely action taken, Uzbekistan is one of the few countries in the “green zone” after the consequences of Covid – 19 on the world market. Also, Japanese entrepreneurs got acquainted with the benefits and preferences offered in the implementation of investment activities on the territory of the Republic of Uzbekistan. In January 2020, the Law was adopted “On investments and investment activities”, aimed at strengthening the rights of investors and enterprises with foreign investment.

Further, the participants of the meeting were presented with the tourism potential of Uzbekistan and investment projects for the development of tourism infrastructure.

Within the framework of the seminar, representatives of Japanese companies Beeanz Inc. also made presentations. and JIC Holdings, telling the participants of the meeting about their experience in the development of business activity in the territory of the Republic of Uzbekistan.

At the end of the meeting, a question-and-answer session was held, where explanations were given in detail about the details of interest on the development of trade, economic and investment cooperation with Uzbek companies.