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Germany to Invest $2.8 bln in Uzbek Economy

Tuesday 3 March 2015

(UzReport.uz) — Uzbekistan has inked a package worth $2.8 bln in investment and loan agreements, and trade contracts with Germany, which is considered as Tashkent’s most important partner in the European Union.

The agreements and contracts have been concluded during a visit of the Uzbek delegation to Germany, according to a message from Uzbekistan’s Foreign Economic Relations, Investments and Trade Ministry.

The main purpose of the delegation visit was participation in the first meeting of the German-Uzbek business Council and the study of best practices of leading German companies in the field of corporate governance and its implementation in the Republic of Uzbekistan.

The founders of the German-Uzbek business Council has made more than 50 leading companies and banks of Germany, such as MAN, Airbus, Thyssen-Krupp, Claes, Knauf, Lemke, Deutsche Cable and others, and in the first meeting, which was held on February 25, it was attended by over 250 representatives of leading German industrial companies and banks.

A presentation on the status and trends of economic development of Uzbekistan and future priority projects in the key sectors of the economy were held in the course of the event.

Speaking at the forum, representatives of the government and business circles of Germany noted the dynamic development of the economy of Uzbekistan, deep structural reforms, the creation of new high-tech industries, creation of favourable investment climate and opportunities for successful investment.

Presented at the forum Program of structural reforms, modernization and diversification of industry of the Republic of Uzbekistan in the coming years, as well as infrastructure development Programme aroused great interest of German companies in its scale, focus on creating competitive on world markets, export-oriented industries on the basis of the most modern technologies.

The government and leading companies from Germany are going to actively support the work of the German-Uzbek business Council and to expand its presence in Uzbekistan. Representatives of major corporations and companies of Germany emphasized the enormous potential for the expansion of investment, trade and financial ties between Uzbekistan and Germany.

During the visit with the European Institute of management and technology, which located in Berlin and is one of the leading educational institutions in the world in this area, the Uzbek delegation signed a cooperation agreement, which provides organization of short courses in corporate management for managers and specialists of enterprises of the Republic, as well as their subsequent training in the largest joint stock companies in Germany.

Following the visit, the delegation signed a package of significant investment, credit agreements and commercial contracts with a total value of investment projects and attracted German loans in the amount of $2.8 bln in the chemical, engineering, electrical, textile and food industries, production of new types of building materials and other fields.

The delegation of the Republic of Uzbekistan met with the Vice-Chancellor, Minister of economy and energy of Germany Zigmar Gabriel. During the talks the sides discussed state and prospects of further expansion of bilateral cooperation in trade-economic, investment and financial fields.

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