Tashkent, Uzbekistan (UzDaily.com) -- The 27th session of the Uzbek-British Trade and Industry Council (UBTIC) took place in London on 28-29 November.

The Uzbek-British Trade and Industry Council (UBTIC) is an annual forum designed to connect British businesses with their Uzbek counterparts and leading policy makers.

This year the event took place across London, with sectoral sessions and panel discussions focussed on financial and professional services, IPO and Eurobonds, textiles and agriculture, transport infrastructure and urban development, digital technologies and FinTech, and a Business Forum and networking event. Director General, Exports and UK Trade, Niall Mackenzie and Deputy Minister of Investment, Industry and Trade of Uzbekistan, Badriddin Abidov headed the delegations from both sides. Deputy Minister Abidov was joined by the First Deputy Minister for Higher Education, Science and Innovation, Komiljon Karimov, Deputy Minister of Transport Jasurbek Choriyev, and Deputy Minister of Digital Technologies, Rustam Karimjanov, who spoke to British businesses about their respective areas to find opportunities for collaboration.

The business forum was focused around discussions of recent advancements in Uzbekistan's financial market and UK's financial services, highlighting potential synergies, possible collaborative areas, mutual growth opportunities, and beneficial international financial strategies. Second part of the forum was dedicated to developments and partnerships forged between Uzbek and British educational institutions, opportunities in transnational education cooperation and strategies to harness mutual growth potentials. The third session focused on Uzbekistan’s textile industry and opportunities for cooperation with UK companies.

Niall Mackenzie said:

“The UK’s trade with Uzbekistan is going from strength to strength: in the four quarters to the end of July 2023, UK exports increased by 16.5%, compared to the same period in 2022. Even more impressively, UK imports from Uzbekistan increased by 489% over the same period. This success has been propelled by Uzbekistan becoming the first country to be admitted to the UK’s Developing Countries Trading Scheme (DCTS), giving businesses the chance to export goods at a zero-tariff rate”. 

Deputy Minister of Investment, Industry and Trade of Uzbekistan, Badriddin Abidov highlighted the following:

“To us, the United Kingdom is an oasis of modern technologies, great industrial potential, strongest financial system, rich history and diverse culture and, of course, excellent education. We have no limits in expanding our cooperation and aim to elevate it to a new level. We invite British investors to take active and integral part in economic transformation process in Uzbekistan, participate in privatization. We are sure that the British expertise will allow us to modernize our economy further”.

A Memorandum of Understanding were signed between Tashkent University of Information Technologies and London Metropolitan University. Lord Offord, Minister for Exports, who visited Uzbekistan in August, met with his counterpart Deputy Minister Abidov and signed a bilateral Trade Plan to confirm cooperation in the coming years.