The President of Uzbekistan attends the Uzbekistan – China Investment Forum

The President of Uzbekistan attends the Uzbekistan – China Investment Forum

The President of the Republic of Uzbekistan Shavkat Mirziyoyev and the Secretary of the Guangdong Party Committee Huang Kunming attended the joint Investment Forum held in Shenzhen.

As part of his state visit last May, the Head of Uzbekistan held meetings with leading representatives of business, financial, and investment circles in China. Breakthrough agreements have made it possible to significantly expand the trade, economic, and investment partnership between the two countries.

A continuation of the fruitful dialogue was the current investment forum, which brought together the heads of agencies and regions of the two countries and more than 600 representatives of large Chinese businesses. Among them are the top management of the China National Petroleum Corporation, the China National Chemical Engineering, the Aerospace Science and Industry Corporation, the China Energy, Gezhouba Group, China CAMC Engineering, Huawei Technologies, SANY Renewable Energy, BYD Auto Industry, Xinjiang Hualing Group, ZTE, TBEA, Universal Energy, China Development Bank, State Development Bank, China Exim Bank and many others.

Opening the forum, the President of Uzbekistan warmly welcomed all participants and noted the symbolism of holding the forum in the city of Shenzhen, which is rightfully considered the innovation capital of China.

“Today, comprehensive and mutually beneficial relations between our countries are developing dynamically, primarily thanks to economic cooperation”, the President emphasized.

The fruitful talks with President of the People’s Republic of China Xi Jinping, held the day before, were noted with deep satisfaction. Among the results are agreements to support and create favorable conditions for business representatives of the two countries.

This will also be facilitated by the adopted historical document – the Joint Statement of the leaders of the two countries, which brings relations between Uzbekistan and China to the level of an all-weather comprehensive strategic partnership.

The President of Uzbekistan drew particular attention to the dynamic growth rates and scale of trade, economic, and investment interaction between the two countries.

Thus, in recent years, the trade turnover has doubled and in 2023 reached a record high of $14 billion. The Head of state once again noted the availability of opportunities to increase this figure to 20 billion in the coming years, including by expanding mutual supplies of agricultural and industrial products and concluding a new intergovernmental agreement on the establishment of preferential trade in certain types of products.

Today, total Chinese investment is over $14 billion. The number of enterprises with Chinese capital has tripled.

The President of Uzbekistan highly appreciated the first interregional forum and exhibition of industrial products held in Urumqi the day before, where important investment agreements were signed.

The readiness to give this business platform a systematic character and to hold the following forum in Uzbekistan was emphasized. The Leader of Uzbekistan also welcomed plans to create a permanent Council of Regions of the two countries.

Structural reforms are being carried out in New Uzbekistan to liberalize the economy and introduce market mechanisms.

A Fund to support projects for producing high-tech industrial products has been created. This month, the industrial mortgage is being launched, when land and production areas are transferred to investors as a ready-made business.

It was noted that much attention is paid to accelerating the privatization of large banks, industrial and infrastructure facilities, and the introduction of public-private partnership mechanisms.

Noting the importance of mobilizing joint efforts to promote new projects and initiatives, the President of Uzbekistan outlined further priorities and promising areas of interaction.

Among them is the expansion of partnership with Chinese companies with the introduction of a simplified procedure for attracting funds from Chinese financial institutions for infrastructure development projects and industrial cooperation in priority sectors of the economy, including deep processing of strategic raw materials.

In addition, the attraction of advanced Chinese technologies in sustainable agriculture, the introduction of scientific approaches to land rehabilitation, and the cultivation of salt-tolerant plants are highlighted.

Further promotion of strategic partnerships in green energy and the participation of Chinese companies in the privatization program are indicated as essential directions.

In this regard, the agreements reached with Chinese partners to expand the investment portfolio of projects and programs for infrastructure development and industrial cooperation were noted with satisfaction.

It was also emphasized that a powerful impetus to the successful activities of Chinese partners in Uzbekistan would be given by the decisions made during the current visit to expand project financing by leading Chinese banks, open a representative office of the Export-Import Bank, and create a new Investment platform with the Silk Road Fund.

“Another innovation. Each Chinese partner will be assigned a responsible investment manager. We firmly believe they will provide Chinese companies with new opportunities to implement projects successfully”, the President said.

Secretary of the Guangdong Party Committee Huang Kunming addressed the business forum participants.

He expressed full support for the course of irreversible reforms pursued by the President of Uzbekistan and, noting the great opportunities opening up in Uzbekistan, called on Chinese businesses to participate even more actively in implementing mutually beneficial projects.

Following the business forum, a substantial package of documents was signed on implementing projects in energy, oil and gas, mining, electrical engineering, light industry, mechanical engineering, infrastructure development, agriculture, education, transport, and logistics.

An action plan will be developed with responsible managers assigned to each project.

In conclusion, the President of Uzbekistan took the initiative to organize the Guangdong Investment Forum annually, proposing to hold its next meeting next year in the city of Samarkand.