A delegation of Germany is paying three-day visit to Uzbekistan to develop trade-economic and investment cooperation between the countries.

The delegation is led by Deputy Prime Minister and Minister for Economics, Labour and Transport of Lower Saxony Jorg Bode.

The German delegation included representatives of companies, engaged in construction, production of construction materials and equipment, equipment for harvesting vegetables, cosmetics and household chemical goods, equipment for hotels, restaurants and cafes, and others.

Within the visit, the Chamber of Commerce and Industry of Uzbekistan organized a business forum and cooperation exchange on 24 June, which served for stimulating for developing business cooperation, attracting foreign investments to create new joint ventures.

Within the business forum, the participants discussed mutual beneficial cooperation on strengthening cooperation between businesses of Uzbekistan and Germany.

In the second half, the businesses of Uzbekistan and Germany participated in cooperation exchange. Over 40 companies from Germany and 50 firms from Uzbekistan participated at the event.

At the meeting, the sides studied investment climate and exchanged opinion on organization of activities of each other.

Germany is one of important partners of Uzbekistan in Europe. Trade turnover between two states grew by 18.3% to US$124 million in the first quarter of 2011. Share of Germany in foreign trade turnover of Uzbekistan made up 2.2%.

Currently, there are 116 enterprises with German investments operate in Uzbekistan and 25% of them are with 100% German investments.

They are operate in such sectors as light industry, production of medical and pharmaceutical products, processing agriculture products, cargo and passenger transportations, etc.

About 50 companies from Germany accredited at the Ministry for Foreign Economic Relations, Investment and Trade of Uzbekistan.

Uzbekistan and Germany realized joint investment projects for over 1 billion euros. Total volume of financial and technical assistance, issued by Germany to Uzbekistan, reached 313.94 million euros.