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Trade and economic cooperation
Uzbek-British trade and economic relations are developing dynamically. Britain is considered to be one of the leading trading and investment partners of Uzbekistan amongst the EU countries. There are number of British companies successfully doing business in Uzbekistan. Amongst major Uzbek businesses represented in the UK are “Uzbekinvest International Insurance Company Ltd.” and Representative office of “O’zbekiston Havo Yollari” (Uzbekistan Airways) company.
Bilateral trade-economic and investment cooperation is based on provisions of several agreements, namely «On avoidance of double taxation of incomes and prevention of tax evasion on income», «On cooperation in the field of education, science and culture», «On economic cooperation», «On the encouragement and mutual protection of investments», «On air service» and «On cooperation in the field of tourism».
Bilateral trade turnover
According to the «Partnership and Cooperation Agreement between the Republic of Uzbekistan and the European Union», Most Favoured Nation Treatment is applied in trade between Uzbekistan and the United Kingdom.
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 export to Uzbekistan is comprised of: medical equipment, produce of pharmaceutical and chemical industries, industrial, energy and telecommunication equipment, alcoholic beverages, etc.
In accordance with the Investment program of Uzbekistan for 2001-2007, approximately 246 million USD have been realized with British companies. 3 projects for a total sum of 60,67 million USD are implemented under the guarantee of the Government of Uzbekistan.
23 projects with direct British investments and credits have been implemented, largest of which are in the spheres of exploration and extraction of hydrocarbons and polymetallic ores, tobacco and pharmaceutical industry.
244 enterprises are created in Uzbekistan with participation of the British investors. 74 British companies are accredited at the Ministry of Foreign Economic Relations, Investments and Trade of Uzbekistan.
The leading British investors in Uzbekistan are: Oxus Gold Plc., British-American Tobacco, Royal Bank of Scotland, Rosehill Energy, Tagus Textile and others.
The fields of activity of enterprises, established with participation of the British capital, include mining, manufacture of food and drinks, tobacco products, building materials, produce of light industry, services in telecommunications, processing of agricultural production, rendering of leasing, consulting, insurance services, as well as realization of export-import transactions.
The Uzbek-British Trade and Industry Council, established in 1994, is a major institutional framework for bilateral economic cooperation. Currently, UBTIC’s co-chairmen are HE Mr. Elyor Ganiev, Minister of foreign economic relations, investments and trade of Uzbekistan and Dr. Hartley Booth, representative of UKTI. UBTIC holds annual alternate sessions in London and Tashkent. The latest, 15th session of UBTIC took place on 27 November 2008, in Tashkent.
“Doing business in Uzbekistan” conference
Investment conference “Doing Business in Uzbekistan”, being another crucial instrument of bilateral economic cooperation, is organised on the regular basis in London since 1994. It aims to attract British and international investments and expertise into Uzbekistan’s rapidly developing economy. The latest conference entitled “New Opportunities for Business in Uzbekistan: the Environmental Sector, including Clean Development Mechanism” was held in London on 17 October, 2008.