Tashkent, Uzbekistan (UzDaily.com) -- On 27 April 2020, Deputy Prime Minister and Minister of Investment and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov discussed a wide range of investment, trade and economic issues. and financial and technical cooperation between the two countries with the Minister of Foreign Affairs and International Cooperation of the Italian Republic Luigi Di Maio.

During the conversation, it was emphasized that the current activity of intergovernmental interaction and the high interconnectedness of the economies of the two countries create the conditions for intensive joint work on the implementation of existing bilateral agreements through the use of new modern methods of communication and the implementation of innovative solutions.

A common position was expressed on the need to increase the volume of investment cooperation, in connection with which the procedure for agreeing on an updated Agreement on mutual promotion and protection of investments between the Governments of the two countries will be accelerated - the signing of this document will strengthen the legal basis for the current and further partnership of Uzbek and Italian entrepreneurs.

The potential of industrial cooperation between manufacturers of the two countries was highly noted - the favorable investment climate in Uzbekistan, combined with the long-standing traditions and experience of Italian industrial companies, creates the prerequisites for successful partnership in a number of sectors of the economy, including agriculture and processing of fruits and vegetables, construction materials, furniture, leather textile and silk products, automotive, metallurgy, energy, medicine, winemaking.

In this context, a proposal was voiced to open a representative office of the Confederation of Italian Industrial Enterprises "Confindustry" in Uzbekistan, which will provide practical support to investors and entrepreneurs of the two countries in implementing projects.

The prospects for trade development were discussed separately - the volume of trade between the two countries is characterized by stable growth. So in 2019, the growth of mutual trade compared to the previous year amounted to 31.7%, and according to the results of the first quarter of 2020 - 37.4% compared to the same period in 2019.

The parties indicated their readiness to make efforts to further stimulate increased trade between Uzbekistan and Italy by creating additional favorable conditions for mutual access of products of national producers to the markets of the two countries, conducting intercountry technical consultations between specialists of competent departments on compliance of Uzbek products with the requirements of customs, phytosanitary and quarantine control of the European Union opening trading houses of subjects of two countries.

An agreement was also reached on establishing and expanding cooperation with such banks as Unicredit, Intesa Sanpaolo, UBI Bank and other financial institutions in Italy.

The Italian side positively assessed the processes of integrating the economy of Uzbekistan into the world economic system - in particular, progress was noted in the harmonization and early conclusion of an Agreement on expanded partnership and cooperation with the European Union, obtaining the status of a beneficiary country of the GSP + preference system and entry Uzbekistan to the World Trade Organization.

The Minister of Foreign Affairs and International Cooperation of the Italian Republic expressed readiness to provide technical and advisory support to Uzbekistan in these matters.

A separate agreement was reached on cooperation in the implementation of social projects, such as the opening of a branch of the University of Pisa in Tashkent, the creation of a joint faculty between the Tashkent Pediatric Medical Institute and Sannio University in the field of Medical Bioengineering, the establishment of the Italian Design Center in Tashkent and introduction of advanced Italian teaching methods in the field of tourism in the curriculum of the Silk Road International Tourism University in Samarkand.

Following the discussion, the parties outlined further actions in the identified areas and agreed to intensify bilateral contacts by holding regular online sessions at the interagency level.