Tashkent, Uzbekistan (UzDaily.com) -- The Chamber of Commerce and Industry of Uzbekistan and a number of local organizations signed an agreement with the Singapore-based trading company Oceanus Group to establish an "Uzbekistan-Singapore Chamber of Commerce", the purpose of which will be to promote Uzbekistan’s trade and investment opportunities in Singapore, as well as the countries of the ASEAN region.

On 16 January, on the eve of the state visit of the President of the Republic of Uzbekistan, the Uzbek-Singapore business forum was held in Singapore, aimed at comprehensively strengthening business ties between entrepreneurs of the two countries.

Singapore is located at the crossroads of the world’s major trade and sea routes, including the main sea route between India and China.

Singapore has 9 free economic zones that provide services for the storage and re-export of goods

Over the years, Singapore has built up an extensive network of 27 implemented agreements, in particular, free trade agreements with countries such as: China, Korea, Australia, New Zealand, India, Japan, Peru, Turkey, USA, Canada, Mexico, ASEAN countries, EU and Persian Gulf.

At the same time, in accordance with the customs regulation of Singapore, Uzbekistan has the right to duty-free import of more than 5,200 items.

But, despite the opportunities, cooperation in the trade sphere does not correspond to the existing potential, one of the reasons for which is the lack of a platform, using which entrepreneurs from both countries could develop trade.

In this regard, during the business forum held as part of the State visit of the President of the Republic of Uzbekistan Shavkat Mirziyoyev to Singapore, the Chamber of Commerce and Industry signed an agreement with the Singaporean trading company Oceanus Group on the establishment of the Uzbek-Singapore Chamber of Commerce, the purpose of which will be promotion of trade and investment opportunities of Uzbekistan in Singapore, as well as the countries of the ASEAN region.

The founders of the Uzbek-Singapore Chamber of Commerce being created included the Chamber of Commerce and Industry (coordinator), the Export Promotion Agency under the Ministry of Investments, Industry and Trade of the Republic of Uzbekistan, Uzsanoatexport JSC, Uztekstilprom Association, Global Export Company LLC, LLC BMB Trade Group.

At the first stage of cooperation, the parties agreed to organize exports from Uzbekistan of legumes, processed fruits and vegetables, nuts and chicken meat to the markets of Singapore, China and ASEAN countries.

At the second stage of cooperation, the Singapore company plans to invest and attract investments for Uzbek exporters in order to increase export volumes by expanding their activities and improving the quality of products, the press service of the Chamber of Commerce and Industry reports.