Uzbekistan, China discuss development of trade-economic relations
25/03/2017 10:17
Uzbekistan, China discuss development of trade-economic relations
25/03/2017 10:17
Tashkent, Uzbekistan (UzDaily.com) -- Tashkent hosted a session on sub-committee on trade-economic cooperation of the Uzbek-Chinese intergovernmental committee on cooperation on 24 March 2017.
Representatives of the ministries and departments, as well as companies of Uzbekistan and China attended the event.
Minister of Foreign Economic Relations, Investments and Trade of Uzbekistan Elyor Ganiev noted that currently Uzbekistan and China are preparing for the forthcoming visit of the President of Uzbekistan Shavkat Mirziyoyev to China in May 2017.
Minister underlined that the session of the sub-committee is considered as important preparation event to develop joint measures on improving economic cooperation.
He said that the visit of the President of Uzbekistan to China should open new stage of strategic cooperation between two states.
It was said that the sub-committee is also is part of preparation to next session of the intergovernmental committee of Uzbekistan and China, which will be held in April 2017.
Ganiev said that Uzbekistan and China should increase the volume and diversify mutual trade turnover. He said that trade turnover between two nationals decreased in 2016 due to unfavourable market situation, fall of prices and decrease physical volume of supplies.
He said that Uzbekistan and China have significant potential for further expanding trade turnover and increase trade turnover to US$10 billion up to 2020 as proposed by leaders of two states.
Uzbek Minister said that Uzbekistan prepared 20 new projects with total cost of over US$200 million to realization of the free economic zone “Jizzakh”. Ganiev proposed the Chinese side to participate in these projects with the participation of the Chinese companies.
Minister called the sides to speed up development of agreements, which should be sided within the state visit of the Uzbek President to China.
He said that the sides plans to sign agreements in energy, irrigation, melioration, attracting loans of Chinese Eximbank, projects in oil and gas, production of liquefied gas at Shurtan Gas Chemical Complex, construction of three gas condensate fields.
State Development Bank of China and Eximbank of China will issue the commercial banks of Uzbekistan. The sides are also preparing agreement on cooperation in hydro energy and memorandum of understanding on stimulating of cooperation in small and medium businesses.
During the session, the delegation of China received information on industrial potential of Uzbekistan and preferences proposed to foreign investors, etc.
China is one of the largest trade and investment partners of Uzbekistan. In 2016, the volume of trade turnover between two states made up US$4.2 billion. The volume of Chinese investments and loans to Uzbekistan exceeded US$6.5 billion.
Currently, there are 704 enterprises with the Chinese capital in Uzbekistan, of which 88 are with 100% of Chinese investments. Some 73 Chinese companies registered their offices in Uzbekistan.
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