BAKU, Azerbaijan, August 8. Uzbekistan and Japan have signed an agreement to advance a technical cooperation project aimed at developing free economic zones, attracting foreign direct investment and supporting industrial development.
This was reflected in the statement by Uzbekistan's Ministry of Investment, Industry and Trade following a meeting between Minister Laziz Kudratov and a delegation from the Japan International Cooperation Agency (JICA) led by Sakai Mamoru, head of JICA's representative office in Uzbekistan.
The two sides reviewed the findings of a JICA diagnostic mission, including consultations held with relevant Uzbek ministries and government agencies as well as the administrations of the country's free economic zones.
The planned technical cooperation project is designed to strengthen the effectiveness and development of Uzbekistan's free economic zones while creating conditions to attract additional foreign direct investment and support industrial growth.
The initiative is also expected to help improve Uzbekistan's investment environment by identifying practical measures to enhance the performance and attractiveness of free economic zones for international investors.
Following the meeting, the parties signed a protocol outlining the next steps for implementing the project.
"The project will contribute to strengthening the Uzbekistan-Japan partnership, promoting industrial development and enhancing Uzbekistan's investment attractiveness," the ministry said.
The cooperation with JICA comes as Uzbekistan continues efforts to expand its industrial base and attract foreign capital into priority sectors. Free economic zones are expected to play an important role in these efforts by providing platforms for investment projects, manufacturing and export-oriented production.
The latest agreement also provides a framework for continued cooperation between Uzbek authorities and JICA on improving the country's investment infrastructure and supporting the development of industrial projects.
The parties agreed to continue working together on the project's subsequent stages.
