The intergovernmental negotiations on financial and technical cooperation between Uzbekistan and the Federal Republic of Germany were recently held in Tashkent.

At the meeting were heads of ministries and departments related to foreign economic relations, trade, investment, economy, banking and finance, healthcare, tourism, education, agriculture and water management, high technologies and construction sectors, as well as companies of Uzbekistan and Germany.

The ties between Uzbekistan and Germany are based on more than 100 documents.

These documents range from agreements on the interstate, intergovernmental, and interdepartmental levels.

Some of the agreements include cooperation in investment, financial and technical spheres, privatisation and state property management, as well as personnel training.

The Partnership of Cooperation Agreement signed between Uzbekistan and the European Union seeks to establish preferential treatment in trade between Uzbekistan and Germany. During the event, it was announced that Germany is an important trade partner of Uzbekistan in Europe.

Germany is also a very important and powerful investor in the landlocked nation.

Investors from Germany have participated in many investments which have come to total over ?1 billion.

At the same time, trade between the two countries is increasing.

It is not surpassing last year’s volume of ?483 million.

In Uzbekistan there are now 114 joint ventures that have been created with the participation of multiple investors from Germany.

Additionally, there are now 49 representative offices of German investors located in Uzbekistan, showing the increased trade and investment ties between the two countries.

These representatives work in vital areas such as light industry, medicine and pharmaceuticals, research, trade, agricultural processing, transportation of passengers and goods, and automotive services among others.

In many important sectors of the economy of Uzbekistan, German banks are involved in various investment projects.

The universities and research institutes of the two countries have also established a mutually beneficial partnership.

They also jointly conduct research in industry, agriculture, natural resource management and other areas. At the meeting, the German guests were briefed with the privatization process in Uzbekistan.

They were also informed of the reforms in the economy, and favorable conditions and opportunities created in the free industrial zone of Navoi in southwest Uzbekistan.

Other issues discussed include the development and implementation of new joint projects, investment, financial and technical cooperation and the promotion of direct contacts among businesses.