On the initiative of the Embassy of the Republic of Uzbekistan in France, on March 26 this year, online negotiations were held between the leadership of the Agency for Investment and Foreign Trade of Portugal (AICEP Portugal Global) and the Investment Promotion Agency of Uzbekistan with the participation of representatives of the Portuguese Industrial Association (AIP) and the Chamber of commerce and industry.
The talks were organized with the aim of establishing business ties between the two specialized departments and developing cooperation in trade, economic and investment spheres between Uzbekistan and Portugal.
During the meeting, General Director of AICEP Portugal Global L. Castro Henriquez made a presentation on investment opportunities for foreign investors and the country’s economic advantages
It was noted that Portugal is a state with a convenient geographic location that provides access to both the European market and Portuguese-speaking countries from Africa to South America.
According to a World Bank study, Portugal ranks 7th in the world in terms of political and social stability, has a developed infrastructure and ranks 23rd in the logistics efficiency index.
Portugal is recognized as one of the leading technology service countries. Thanks to the implemented “Tech visa” program, aimed at attracting highly qualified foreign specialists, experts with international experience participate in corporations and startups in Portugal.
Speaking of support from the state, when investing in production or R&D, Portugal can be provided, if necessary, a tax credit, financial support for the implementation of the project, and when creating jobs, a number of taxes are exempted and subsidies are provided.
In turn, the management of the Investment Promotion Agency also provided detailed information on the activities of the department, its target tasks to assist in the implementation of investment projects with the participation of foreign investors.
It was emphasized that in Uzbekistan, investors from Portugal can find attractive conditions for the development of long-term cooperation. The country is actively working to create a favorable investment environment: benefits and preferences are provided, the rights and interests of foreign investors are protected, the new tax system of Uzbekistan is being introduced, and a large-scale restructuring of state assets is being carried out with a focus on the private sector.
AICEP Portugal Global confirmed that representatives of Portuguese companies are interested in developing cooperation with Uzbekistan. The most attractive areas for the implementation of joint projects were named such areas as the textile, pharmaceutical, and leather industries.
The parties noted the need for a more detailed discussion of potential cooperation within the framework of a business forum with the participation of business circles of the two countries. It was proposed to attract interested entrepreneurs to the upcoming forum in Lisbon
At the end of the meeting, an agreement was reached on establishing further cooperation, for this purpose it is planned to develop a Protocol on cooperation between the Agency for Investment and Foreign Trade of Portugal (AICEP Portugal Global) and the Investment Promotion Agency. Also, on the initiative of the Agency, a visit of the delegation of the Agency for Investment and Foreign Trade of Portugal and the Portuguese Industrial Association to Uzbekistan will be organized in May this year.
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