Tashkent, Uzbekistan (UzDaily.com) -- On 19 January, Minister of Investment, Industry and Trade Laziz Kudratov received Ambassador Extraordinary and Plenipotentiary of the United Kingdom of Great Britain and Northern Ireland to the Republic of Uzbekistan Timothy Torlot.

The sides discussed the implementation of joint projects and agreements in the investment, trade and economic spheres, as well as the prospects for expanding the Uzbek-British partnership.

Positive dynamics in mutual trade was noted. Over the past year, the volume of trade increased by almost 15% and amounted to US$203.2 million. An agreement was reached to increase the indicators, including by diversifying exports to the UK and using all the possibilities of the beneficiary of the UK’s Enhanced Generalized System of Preferences (GSP Enhanced Framework). For example, within the framework of this system, in 2022, the supply of Uzbek products to the UK increased by 30%.

The issue of further development of investment cooperation was discussed. Over the past few years, the number of enterprises with British capital in Uzbekistan has increased by more than 50% and reached 331. They are represented in various sectors of the economy, including agriculture, pharmaceuticals, food production and others.

The parties discussed the possibility of involving financial institutions Standard Chartered and UK Export Finance in the implementation of projects in the mining and metallurgical industries, as well as in the development of railway transport.

During the meeting, the results of the meeting of the Uzbek-British Trade and Industry Council (UBTIC) held at the end of last year in Tashkent were highly appreciated. On its margins, 8 bilateral documents were signed aimed at expanding bilateral cooperation in various areas and areas, including the banking sector and education.

In this context, the parties confirmed their intention to continue working closely in preparation for holding a high-level meeting of UBTIC in London in the second half of 2023.

As a result of the talks, an agreement was reached to continue the practice of regular meetings in order to promote the implementation of current agreements and develop new areas of cooperation.