UK Minister of Exports Mike Freer visited Uzbekistan last week. According to the UK Embassy in Tashkent, this was the first visit of a UK trade secretary to Uzbekistan. A delegation of UK business arrived with the Minister, including top managers of the London Stock Exchange, Standard Chartered Bank, Arup and The CityUK.
Mike Freer held talks with Deputy PM/Minister of Investments and Foreign Trade Sardor Umurzakov and Deputy Minister of Finance Odilbek Isakov. He also met with the chief of the Almalyk Mining and Metallurgical Combine, Abdulla Khursanov, and the CEO of Uzbekistan Airports, Rano Juraeva.
In 2021, the volume of two-way trade increased by 65%, while exports from Uzbekistan to the UK increased by 2.5 times, the Ministry of Investment and Foreign Trade (MIFT) said. From January to April this year, this two-way trade increased by 68% compared to the same period last year.
Reportedly, this was facilitated by Uzbekistan's status as a beneficiary of the UK's Generalized System of Preferences (GSP Enhanced Framework) in November last year, becoming the first country in the world to enter this system. Mike Freer expressed interest in increasing the supply of Uzbek goods to the British market.
The parties discussed the involvement of UK investors in the creation of joint export-oriented industries in Uzbekistan; the participation of British companies in projects for the processing of agricultural products, animal husbandry, biopharmaceuticals, the textile industry, information and communication technologies and green energy.
In addition, potential areas for UK technical support were considered, in particular, assistance in the implementation of reforms to liberalize the economy and trade, as well as in the country's accession to the World Trade Organization.
At the talks with Deputy Finance Minister Odilbek Isakov, the issue of Eurobonds and the placement of shares of large state-owned companies and banks of Uzbekistan on the London Stock Exchange were discussed. Standard Chartered and UK Export Finance expressed interest in supporting central government funding, access to capital markets, attracting investment and improving the efficiency of public asset management. TheCityUK executives stated that they were ready to strengthen cooperation in the direction of developing the capital market of Uzbekistan.
At the meeting with the chief of AMMC Abdulla Khursanov, the possibilities of initial placement of AMMC shares on the London Stock Exchange and attraction of foreign capital were considered.
With the CEO of Uzbekistan Airports, Rano Juraeva, Mike Freer discussed the possibility of participation of British engineering and architectural companies, banks and UK Export Finance in new projects for the construction of airports and terminals in Uzbekistan.
