Business council to promote trade between Uzbekistan and Germany being planned

Uzbekistan and Germany are planning to set business council that will promote extension of trade, economic, investment and financial cooperation between both countries, in this connection Berlin to host the founding meeting late in February.

The Council will present Uzbekistan’s investment potential in German, organize presentations and forums, and protect the interests of Uzbek and German companies operating in both countries.

The Council will work on a permanent basis, according to the press service. One of its tasks will become promoting the investment potential of Uzbekistan in Germany.

According to the ministry’s press service, the organizational issues of the meeting were already been discussed on February 6 in Tashkent between the Uzbek Ministry of Foreign Economic Relations, Investment and Trade and German Ambassador to Uzbekistan, Neithart Hoefer-Wissing.

The initiative of setting up an Uzbek-German Business Council came up from German companies after a presentation of Uzbekistan’s economic and agricultural potential at the Green Week-2015 international agricultural fair held in Berlin last month.

During the Green Week exhibition, Uzbekistan signed contracts for the export textile products, fruit and vegetables worth more than $130 million to European countries.

According to Fergana information agency with reference to the German Ambassador in Uzbekistan, the trade turnover between Uzbekistan and Germany in 2014 grew 10 percent compared to the previous year and totaled to 461.2 million euros.

Last year German made investments in the health care, agriculture, small business, and other spheres in Uzbekistan amounting to around 16 million euros.