The 5th session of the Subcommittee on Trade and Economic Cooperation of the Uzbek-Chinese Intergovernmental Cooperation Committee took place in Tashkent. The meeting was chaired by the Vice Minister of Commerce of China Fang Aiqing and Minister of Foreign Economic Relations, Investments and Trade of the Republic of Uzbekistan Elyor Ganiev.
The session also involved heads and responsible employees of ministries, departments and various organizations of the two countries.
In his welcoming speech Eler Ganiev has repeatedly stressed considerable potential that exists in the development of cooperation between the countries. He noted that the Uzbek side was ready to discuss issues related to the implementation of new projects in the field of trade, infrastructure development, strengthening of customs borders, and restoration of historical monuments.
During the meeting, the sides discussed results achieved following previous meeting of the Subcommittee. Participants stressed the need to continue active work to promote projects of mutually beneficial trade and economic, investment, financial and technical and transport and communication cooperation.
The head of the Chinese delegation Fang Aiqing highly appreciated the potential of cooperation between the countries as well as economic reforms implemented in Uzbekistan aimed at diversifying the sectors of the economy and modernizing the industry.
“Our bilateral cooperation has maintained a positive development trend since the 4th meeting of the Committee, which is characterized by a number of indicators. In particular, the period from 2013 to 2016 has been characterized by the fastest growth rate of trade turnover between our countries in comparison with other countries of Central Asia. As for Chinese investments, their volume to Uzbekistan is also increasing, it exceeded $7.6 billion. Representatives of 24 Chinese companies attended this meeting, who were discussing mutually beneficial and promising cooperation with Uzbek counterparts”, Fang Aiqing said.
“I represent one of the largest construction companies located in Shanghai. It has existed for 65 years. In the nearest future, we plan to establish cooperation with Uzbek colleagues. Currently, we are discussing several projects for the construction of residential buildings and a business center”, member of Chinese delegation Andy Pang said.
In addition, there were bilateral meetings of representatives of China’s business circles led by the Vice President of the Chinese Chamber of Commerce for the import and export of machinery and electrical products with the relevant ministries, departments and economic entities of the Republic on March 23, as part of the visit of the Chinese delegation to the Republic of Uzbekistan.
The business circles of the People’s Republic of China included leaders and representatives of leading Chinese companies such as CNTIC, Power China International Group Limited, Chinese Engineering Corporation CAMC, Shanghai Electric, China National Machinery Import & Export Corporation, Gezhouba Construction Group Corporation, Chinese Civil Engineering and Construction Corporation, etc.
It should be noted that China traditionally is one of the most important trade partners of Uzbekistan. In 2016, the trade turnover between the countries exceeded $4.2 billion.
At present, 704 enterprises with the participation of Chinese capital, including 88 with 100% foreign capital and representative offices of 73 companies of People’s Republic of China operate in the Republic of Uzbekistan. (UzReport/Business World Magazine)