BAKU, Azerbaijan, Nov. 23
By Fakhri Vakilov-Trend:
Uzbekistan and Italy have potential to increase mutual trade up to $500 million a year, as was stated at the Uzbek-Italian business forum organized by the Ministry of Investments and Foreign Trade in Tashkent within a visit of Italian delegation led by Governor of Lombardy Attilio Fontana, Trend reports citing the press service of the Ministry.
The forum was attended by Chairman of the Chamber of Commerce and Industry of Uzbekistan Adham Ikramov, President of the Italy-Uzbekistan Chamber of Commerce Luigi Iperti, heads of the diplomatic missions of Italy and Uzbekistan and managers of Italian companies and banks.
During the forum, Uzbekistan’s Minister of Investment and Foreign Trade Sardor Umurzakov highlighted the importance of holding events of this magnitude in the context of discussing a wide range of practical issues of bilateral cooperation in investment, trade, economic and banking sectors.
Umurzakov stated that Uzbekistan attaches particular importance to the further strengthening of comprehensive cooperation with Italy, which this year was marked by the holding of the next meeting of the Intergovernmental Working Group, as well as the participation of the Uzbek delegation in the XII Eurasian Economic Forum.
In turn, Fontana expressed his readiness to provide comprehensive assistance in further strengthening economic ties, which will make a significant contribution to the revitalization and expansion of the entire range of Uzbek-Italian relations.
The prerequisites for enhancing business partnerships with Italian companies can be reforms and innovations carried out at an accelerated pace in the Uzbekistan’s economic system including the strengthening of the legal framework for a complete transition to a market economy. Among other steps were named the introduction of private land ownership, the removal of restrictions on profit repatriation and the conversion of the national currency, efforts to reduce the role of the state in the economy, improving the tax system and the consistent integration of countries to the world economic system through work on joining the World Trade Organization.
During the forum, considerable investment potential in the field of industrial cooperation was considered. Significant prospects for investors of Lombardy in agriculture, the automotive industry and the production of components, the processing of fruits and vegetables, the chemical industry, the oil and gas industry, the textile, silk and leather-footwear industries, in the production of building materials, pharmaceuticals and metallurgy were noted.
Italian companies from Lombardy such as Maire Tecnimont, Mapei, Wood/Foster Wheeler, Asco Filtri, Sisas, Marzoli, Pietro Fiorentini, Cannon/Bono, Plastics Technologies, In3act, General Medical Merate, and also such large banks as Unicredit Bank and Banca Intesa San Paolo are showing a steady interest in cooperation with Uzbekistan.
Over the past two years, the number of enterprises with Italian capital in Uzbekistan has doubled up to 46. Since the beginning of this year, 15 enterprises have been created and seven Italian companies have been accredited in the country.
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