Investment and industrial cooperation between Uzbekistan and Spain is becoming more active.

On the first of March this year, the Uzbek-Spanish business forum was held at the International Hotel Tashkent, organized in cooperation with the Ministries of Investment, Industry and Trade of the Republic of Uzbekistan and Spain.

The forum was attended by Deputy Minister of Investment, Industry and Trade of Uzbekistan Oybek Khamraev, Deputy Minister of Industry, Trade and Tourism of Spain Shiana Mendez, heads of ministries, departments and more than 100 leading companies of the two countries.

In their speeches, the speakers discussed the liberalization of the foreign exchange market in Uzbekistan, tax cuts, the creation of free economic zones, the adoption of the Development Strategy, administrative reforms, the protection of private property, industrial policy, entrepreneurship, and emphasized development efficiency and other reforms. Uzbekistan has received the status of a beneficiary of the GSP+ system of preferences of the European Union and is actively working to join the WTO. Thanks to the efforts made, the investment climate is improving, and the volume of foreign trade is increasing.

So, thanks to the status of a GSP+ beneficiary in 2022, exports of Uzbekistan's products to the EU market increased by 50% and to the Spanish market by almost 2.5 times. The speakers noted the great potential for the development of mutual trade and the need for additional support for the two countries' business circles to expand the list of supplied goods and increase their size.

During the event, the Uzbek side came up with initiatives to strengthen the use of the two countries' competitive priorities to expand bilateral investment cooperation in priority sectors of the economy. The most promising areas are the automotive industry and the production of components, pharmaceuticals, textiles, food, agriculture, utilities and infrastructure development. In addition, both countries are members of significant regional associations with free trade regimes, which creates additional conditions for expanding trade relations between entrepreneurs of the two countries.

Within the forum's framework, a small meeting of the heads of delegations took place. The parties focused on further joint steps in developing trade, investment cooperation and industrial cooperation. During the negotiations, an increase in the volume of mutual supplies of medicines, textiles, non-ferrous metals, agricultural products, electrical equipment, the opening of trading houses, holding joint business forums "Made in Uzbekistan" and "Made in Spain", etc. mobilize untapped resources and opportunities through exhibitions.

As a result of the forum, several agreements were signed on introducing new approaches and technologies for developing sericulture and cattle breeding in the construction of water management and water treatment facilities in various regions of Uzbekistan. In addition, B2B negotiations were held as part of the business forum program. Entrepreneurs and investors had the opportunity to establish direct contacts, identify points of interest and discuss promising new projects in food production, clean energy and building materials.

In the afternoon, the first meeting of the intergovernmental commission on trade and economic cooperation between the Republic of Uzbekistan and the Kingdom of Spain was held, which was attended by the heads of relevant ministries and departments of the two countries. As a result of the event, an agreement was reached on the development of a "Roadmap", which includes measures to be jointly implemented in the future as part of expanding bilateral trade, removing trade barriers, organizing mutual exhibitions and fairs, opening joint ventures for the production of products with high added value."