Azernews.Az

By Gunay Hasanova

Tashkent hosted the 23rd meeting of the Uzbek-British Council on Trade and Industry (UBTIC) on November 17, the British Embassy in Uzbekistan reported.

The two sides discussed development of the socio-economic sphere in Uzbekistan and UK, potential investment projects in various sectors of the economy, as well as the possibility of participation of British companies in these projects.

Moreover, the members of the British delegation informed their colleagues from Uzbekistan about the opportunities that may be available with the support of the UK Export Credit Agency.

Also, representatives of British companies held a presentation about the good and services they want to provide the Uzbek market.

During the meeting, the U.K. companies also briefed the Uzbek delegation about the opportunities they can offer for Uzbekistan’s market in various industrial spheres, science and education.

The Uzbek-British Trade and Industry Council (UBTIC) is a high-level platform for bilateral economic cooperation. UBTIC meetings are held annually on the priority in Tashkent and London.

The Uzbek-British Trade and Industry Council was created in accordance with the intergovernmental agreement signed in 1994.

The Uzbek-British trade and economic relations are developing dynamically, while the UK is considered to be one of the leading trading and investment partners of Uzbekistan amongst the EU countries. There are a number of British companies successfully doing business in Uzbekistan.

Basic items of Uzbek export to the UK are products made of precious or semiprecious stones, fabrics, yarn, nonferrous metals, mineral oil, products of the agricultural and chemical industry, transport, insurance, communication and tourist services, etc.

The British import to Uzbekistan is comprised of medical equipment, produce of pharmaceutical and chemical industries, industrial, energy and telecommunication equipment, alcoholic beverages, etc.

The trade turnover between Uzbekistan and the United Kingdom in 2015 amounted to $105.7 million.

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Gunay Hasanova is AzerNews’ staff journalist, follow her on Twitter: @gunhasanova

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