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Prospects for intensifying mutually beneficial cooperation between the business circles of Uzbekistan and Latvia

In Tashkent, within the framework of the visit of the delegation of government and business circles of the Republic of Latvia to the Republic of Uzbekistan, the Uzbek-Latvian business forum was held. The event brought together more than 100 representatives of the business circles of Latvia and Uzbekistan. Also from the Uzbek side, the heads of many ministries, departments, industry associations and commercial banks took part in it.
During the opening ceremony of the forum, the heads of delegations – Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan S.Umurzakov and Minister of Foreign Affairs of the Republic of Latvia E.Rinkevics addressed the participants.
The heads of the delegations of the two countries outlined the commitment of the two countries to intensify interaction to create the most favorable conditions for attracting Latvian and Uzbek entrepreneurs and investors to practical cooperation, meaning the implementation of mutually beneficial projects in promising industries, as well as increasing the volume of mutual trade.
It was noted that Uzbekistan pays great attention to increasing the role of the private sector in the country’s economy, in connection with which practical measures are being actively developed and implemented to improve the investment climate and business environment, reduce the tax burden on business, strengthen mechanisms for the legal protection of private property and foreign capital, as well as identifying new untapped economic reserves in the context of districts and cities of each region of the country to ensure their accelerated and balanced development.
Priority areas for establishing business partnerships between entrepreneurs of the two countries were listed. Among them are the textile and electrical industries, pharmaceuticals, biomedicine, the IT sector and other industries. The heads of the relevant ministries and industry associations, in the format of presentations, revealed in detail the investment, industrial and trade potential of each industry, and also spoke about the available mechanisms to support and stimulate the attraction of foreign investment and the implementation of projects with the participation of foreign capital. Also, perspective project proposals, developed in a targeted manner for further study with interested Latvian investors and entrepreneurs, were presented to the attention of the forum participants.
At the end of the event, the heads of delegations of the two countries called on the business community to actively interact and establish a constructive dialogue to develop new “growth points” for bilateral economic partnership.
As a result of the forum, the Minutes of the second meeting of the Uzbek-Latvian Business Council and the Memorandum of Cooperation in the field of development of information and communication technologies and innovations between “IT-Park” (Uzbekistan) and the Latvian company “ShipleArt” was signed, which provides for raising funding for the implementation of start-up projects in Uzbekistan.


Source: mift.uz