On January 16 of this year, on the eve of the state visit of the President of the Republic of Uzbekistan, an Uzbek-Singapore business forum was held in Singapore, aimed at comprehensively strengthening business ties between entrepreneurs of the two countries.
The event was attended by Minister of Investment, Industry and Trade of the Republic of Uzbekistan Laziz Kudratov, Minister of Trade and Industry of Singapore Gang Kim Yong, Chairman of the Singapore Business Federation Lim Min Yan, heads of relevant ministries and departments, industry associations, as well as more than 200 representatives of leading corporations, holdings and companies of the two countries.
Speaking with a welcoming speech, Laziz Kudratov noted the importance of upcoming events at the highest level, which will open a new page in the relations between Uzbekistan and Singapore.
“We are determined to use all the advantages of the event and enrich it with strong and concrete practical agreements,” Laziz Kudratov said.
During the forum, the participants were provided with information about the reforms being carried out in our country, aimed, among other things, at improving investment attractiveness, strengthening investor protection and liberalizing foreign trade. It was noted that due to the effectiveness of the adopted programs, the interest of foreign partners is growing, their trust is strengthening.
The attention of the participants was focused on the positive dynamics of deepening cooperation between the business circles of the two countries, which resulted in the development and implementation of new investment projects, the development of trade and industrial cooperation.
In recent years, the volume of Singapore investments in Uzbekistan has exceeded $ 700 million, the number of enterprises with Singapore capital has increased 4 times, and the trade turnover between the two countries has doubled. The most promising measures to increase the volume of mutual trade are the implementation of interregional transport and logistics projects, the active use of existing transport corridors and infrastructure.
In turn, the Singaporean side confirmed the firmness of its intentions to support the strengthening and expansion of partnership with Uzbekistan in a wide range of areas. The chemical, textile, pharmaceutical, agricultural industries, education, healthcare, logistics, as well as the IT sphere are identified as drivers of further growth of interaction.
The forum program continued with a plenary session with the participation of Singapore’s big business leaders, during which the director of Indorama Group Prakash Kejriwal, President of the Singapore Management Development Institute Eric Kuan, CEO of PSA International Wang Chi Fo discussed with representatives of the business circles of the two countries practical aspects of effective business in Uzbekistan, prospects for cooperation in the field of transport and logistics.
Within the framework of the event program, “B2B” negotiations and presentations of the investment potential of our country, specific cases of projects in the context of various sectors of the economy of Uzbekistan were also held.
As a result of the business forum, 23 agreements and contracts were signed in trade, investment and financial areas, chemical, energy and textile industries, the development of industrial zones, the implementation of infrastructure projects and the production of food products, as well as in construction, education, healthcare and pharmaceuticals.
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