Tashkent, (TDI): Uzbekistan and Germany have formalized a new program for technological and industrial cooperation for the period 2024-2026.
The agreement was signed by Laziz Kudratov, Uzbekistan’s Minister of Investment, Industry, and Trade, and Michael Harms, Executive Director of the Eastern Committee of Germany, during a round table event in Tashkent.
The meeting was attended by key officials, including Deputy Minister of Investment, Industry, and Trade Akram Aliev and Samarkand region’s governor Erkinjon Turdimov.
The discussion focused on Uzbekistan’s significant reforms aimed at improving its investment climate.
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These reforms include tax cuts, the elimination of customs duties on 8,000 items, and the removal of licensing requirements for various sectors, alongside legislative measures to protect investors’ rights.
Both sides reviewed the progress achieved, such as a threefold increase in foreign direct investment since 2017, a steady economic growth of five percent, an eight percent rise in industrial output, and a doubling of exports.
Uzbekistan’s Targets
Uzbekistan aims to reach a GDP of $160 billion and a per capita income of $4,000, with aspirations to join the World Trade Organization.
The agreement highlights the potential for enhanced cooperation by combining Uzbekistan’s natural resources and skilled labor with Germany’s technological expertise.
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Presentations on investment opportunities in Uzbekistan’s electrical, mechanical engineering, and chemical industries were also part of the event.
The meeting concluded with several agreements in diverse fields, including copper production, medical devices, textiles, professional training, employment opportunities in Germany for Uzbek citizens, the creation of a modern logistics center, and initiatives in educational and financial-technical cooperation.
