On May 8 this year, Deputy Prime Minister of the Republic of Uzbekistan S. Umurzakov had negotiations with Minister of the Economy and Finance of the French Republic Bruno Le Maire via video-conferencing. The parties negotiated on investment, trade and economic cooperation between the two countries.
France is one of the important partners of Uzbekistan in the European Union. France hosted the first official visit of the President of the Republic of Uzbekistan to Europe. The parties noted with satisfaction that agreements reached during this visit were embodies in Uzbekistan as a number of strategically important projects involving French partners in such areas as geological exploration, alternative energy sources, manufacture of construction materials and tourism.
Considering the progress in technological and production potential of French companies, the Uzbek side expressed interest in attracting these companies to investment projects in Uzbekistan in such areas as automobile manufacturing and production of spare parts, construction materials, pharmaceuticals, food products, production of electrical items and household appliances.
The trigger for cooperation here will be a visit of the Movement of the Enterprises of France (MEDEF) coordinated during negotiations to hold conversations with representatives of government and business circles of Uzbekistan and develop new trade and investment projects.
The parties noted that the agreements and mutual understanding on issues of Uzbekistan's support by the relevant structures of France and the European Union will continue to facilitate access for Uzbek products to the French market under intensification and further increase in commodity turnover.
Therefore, the parties expressed a mutual interest in increasing the existing commodity turnover and diversifying the structure of mutual trade.
For reference: France is a leader among the most active trade partners of Uzbekistan from European countries. At the end of 2019, the commodity turnover between countries increased by 10%. There is a positive dynamics in the first quarter of 2020 (+ 4.5%).
The French side demonstrates no less interest in the development of the tourism potential of Uzbekistan. It is planned to implement project to create international all-weather resort 'Beldersay-Chimgan-Nanai involving a consortium of French companies.
During the conversation, the French side also expressed its willingness to comprehensively support Uzbekistan in accession to the World Trade Organization, obtaining the status of the beneficiary country of the European Union 'GSP + preferential system and signing of Agreement on Enhanced Partnership and Cooperation with the EU.
The parties agreed to continue initiated mutual converge and further expansion of systemic bilateral contacts. The experts from both sides will have consultations, including via video-conferencing to fundamentally implement agreements reached with the French side and develop new cooperation areas.
