Tashkent, Uzbekistan (UzDaily.com) -- The 2023 Europe-Uzbekistan Annual Business Meetings, hosted by the Europe-Uzbekistan Association for Economic Cooperation (EUROUZ), were a milestone in strengthening economic ties between Europe and Uzbekistan. 

With over 120 in-person and 800 unique online viewers via online platforms and social media networks over the course of the day, this event set the stage for high-ranking representatives from the Republic of Uzbekistan, the European Union, European companies, and investors to engage in discussions on subjects vital to the EU - Uzbekistan relationship.

The inaugural session, "The Evolving EU-Uzbekistan Partnership for a New Era," set the stage. Uzbekistan Deputy Prime Minister Jamshid Khodjaev highlighted Uzbekistan’s commitment to strengthening ties with the European Union. Jutta Urpilainen, European Commissioner for International Partnerships, in her video address, emphasized the potential of the Middle Corridor to reshape trade dynamics between Europe and Asia, reducing transportation times and costs. Dr.Klaus Mangold, EUROUZ Chairman in his remarks mentioned that Uzbekistan is creating favourable infrastructure for Foreign Investment, in particular from Europe.

The second session, "Uzbekistan & Central Asia: Understanding the Rise of the Middle Corridor & New Trade Agreements. Uzbekistan’s WTO Accession," further focused on Uzbekistan's commitment to the Middle Corridor, a pivotal trade route connecting Europe and Asia, offering more efficient trade routes and economic cooperation. Uzbekistan's progress in joining the World Trade Organization (WTO) was also discussed. Panelists included Uzbekistan’s Deputy Minister of Transport and representatives of EU officials and the business community.

In the third session, "Shaping Uzbekistan's Next-Generation Energy Landscape," speakers addressed Uzbekistan's energy potential. The Deputy Minister of Energy, Umid Mamadaminov, detailed Uzbekistan's plans to develop its electrical grid by 2030, focusing on rising natural gas demand, sustainability, and energy supply management. Recent legislative changes, including energy tariff improvements and an emphasis on solar and wind power, are set to play a pivotal role in transforming Uzbekistan’s energy landscape.

The fourth session, "Financial Renaissance: Paving the Way for Privatization and Growth in Uzbekistan's State-Owned Enterprises (SOEs)," explored the challenges and opportunities of privatization. The panel discussion stressed the need for a structured approach. It highlighted successful privatization examples, including the sale of Ipoteka Bank to Hungarian Bank OTP and the entry of Georgian TBC Bank into Uzbekistan's banking sector. Collaboration with international financial institutions (IFIs) was highlighted, with the Uzbek government working with the European

Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the International Finance Corporation (IFC) to transform and privatize state-owned banks and enterprises. The recent decree to privatize over 1,000 state-owned enterprises in various sectors will open doors for new investments. At the same time, Odilbek Isakov, CEO of Infrasia Capital and former Deputy Minister of Finance of Uzbekistan mentioned that the EU companies already play a leading role in Uzbekistan’s PPP projects’ development. This panel also included Kodirjon Norov, Partner at Avesta Investment Group, Golib Kholjigitov, Head of the Secretariat of Foreign Investors Council under the President of Uzbekistan, Louis Skyner, Partner at Dentons & EUROUZ Board Member and Dmitry Bobkov, Corporate Communications Director at SEG Enera Group.

The final session, "Green Transformation and Development of ESG Practices - the Potential of European-Uzbek Interaction," emphasized the collaboration potential between Europe and Uzbekistan in sustainable and ethical business practices. Mr. Jusipbek Kazbekov, Deputy Minister of Ecology, Environmental Protection, and Climate Change of Uzbekistan, expressed concerns about climate change and the rise in temperatures in the region. The EU's support for Uzbekistan's green transformation efforts was underlined, with a technical assistance program initiated by the French Agency for Development (AFD) focusing on energy efficiency and EU ESG practices adoption in Uzbekistan. The final panel also included Eleanor Kramers, Managing Director at Montfort Communications Eurasia, Sarah Rinaldi, Head of Unit for the Middle East & Central Asia in the European Commission Directorate General for International Partnership, European Commission, and Michael A. Rupp, Head of Sector/Teamleader Eastern Neighbourhood - European Commission and Associate professor at VUB.

In closing remarks, Mr. Oybek Shaykhov, EUROUZ Secretary-General, stressed the event's significance. He stated, "The 2023 Europe-Uzbekistan Annual Business Meetings have demonstrated a mutual dedication to fostering economic cooperation and sustainability between Europe and Uzbekistan. Our commitment to the Middle Corridor project, energy development, privatization, and green transformation underscores our common vision for future cooperation and partnership. We are now in a position to realize these goals, and I am confident that the outcomes of this event will contribute to the prosperity of both regions."

The Europe-Uzbekistan Association for Economic Cooperation (EUROUZ) and its partners are dedicated to enhancing economic ties between Europe and Uzbekistan. The European Institute for Asian Studies (EIAS) and other partners, European trade & commerce chambers, who have helped to make this event a success, play a crucial role in facilitating and enhancing the dialogue, reinforcing the strong bond between Europe and Uzbekistan in their pursuit of economic growth, sustainability, and mutual development.