On September 17 this year, Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov met with Chairman of VEB.RF State Development Corporation I. Shuvalov in the International Business Center in Tashkent. I. Shuvalov arrived in Uzbekistan as the head of the Russian business missions involving entrepreneurs and government officials.

The parties noted the high level of strategic partnership between the Republic of Uzbekistan and the Russian Federation and expressed their commitment to the further development of economic and investment cooperation by intensifying bilateral contacts at various levels.

For reference: Currently, VEB.RF supports the implementation and operation of 24 projects in Uzbekistan totaling EURO 3.5 billion in the energy, metallurgical, mechanical engineering, agriculture, and transport sectors.

VEB.RF's top officials emphasized the multifaceted nature of economic cooperation and broad opportunities to strengthen the business partnership of the two countries through advanced industrial technologies and sustainable cooperation.

The meeting emphasized mutual willingness to develop a dialogue aimed at expansion of investment cooperation and identification of new points for interaction between the economies of the two countries in a pandemic, as well as considered the development and agreement of new investment projects in the fuel and energy, mining, pharmaceutical, engineering industry, in the development of urban infrastructure, tourism, information, and communication technologies and transport.

After the meeting, there was an Uzbek-Russian Round Table 'Key areas and joint projects of Uzbek-Russian cooperation'. The participants discussed the joint investment projects under development, the prospects to expand industrial cooperation and enhance business partnerships between entrepreneurs of the two countries. During the Round Table, the Russian side was represented by top officials of the Ministry of Industry and Trade of the Russian Federation, VEB.RF State Development Corporation, Russian Export Center JSC, leading Russian companies and banks such as VimpelCom, BMB NRC AGROLOGISTICS, Power Machines, Rostekh, Kamaz, Transmashholding, MetProm, Uralmashzavod, Gazprombank, and the Uzbek side - by the heads of ministries, departments, industry associations, commercial banks, and business representatives.

The participants of the Round Table emphasized the high dynamics of development and the scale of cooperation between Russian and Uzbek companies in investment, technology, and industrial cooperation. In particular, Power Machines JSC currently implements projects to modernize the power units of Syrdarya and Farkhad TPPs, and Rostekh corporation supports the assembly of the demanded cargo vehicles 'Kamaz' in Uzbekistan.

The representatives of the Russian business community presented information on the technological and investment potential of the companies they represent and shared their view of the prospects for the development of activities in Uzbekistan.

The participants exchanged their views on further interaction to develop specific project proposals in the energy, agrological, metallurgical, transport and educational  areas. For the most priority sectors and directions, the counterparties agreed on further practical actions to reach specific agreements.

The Round Table finished with the ceremony of signing of the Agreement on the exchange of electronic messages in the system of financial messages transferring owned by the Bank of Russia between VEB.RF State Development Corporation and the National Bank for Foreign Economic Affairs of the Republic of Uzbekistan, as well as the loan agreement on financing the purchase of KAMAZ equipment between VEB.RF State Development Corporation and KAMAZ ASIA LEASING JV LLC.

For reference: VEB.RF State Development Corporation was established in 1922. It is the largest development institution in Russia with assets of USD 51 billion, which contributes to social and economic policy, modernization, and increase of economy competitiveness.