On April 27 this year, Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov discussed a wide range of investment, trade, economic, financial and technical issues with Minister of Foreign Affairs and International Cooperation of the Italian Republic Luigi Di Maio.

During conversation, the parties emphasized that the current operation of intergovernmental interaction and high correlation of economies of two countries enables intensive joint work on the implementation of existing bilateral agreements through new modern methods of communication and adoption of innovative solutions.

The parties noted a common position on the need to increase investment cooperation providing acceleration of approval of updated Agreement on mutual promotion and protection of investments between the Governments of two countries. The signing of this document will strengthen legal framework for current and further partnership of Uzbek and Italian entrepreneurs.

They highly appreciated potential of industrial cooperation between manufacturers of two countries. Uzbekistan’s favorable investment climate when combined with long-standing traditions and experience of Italian industrial companies predetermines successful partnership in many economic sectors, including agriculture and processing of fruits and vegetables, production of construction materials, furniture, leather textile and silk products, motor vehicle industry, metallurgy, energy, medicine, winemaking. In view of this, the parties proposed to open a representative office of the Confederation of Italian Industry (Confindustria) in Uzbekistan. This will provide practical support to investors and entrepreneurs of two countries in project.

Separate discussion touched upon prospects for commercial development. Sales volume of both countries is marked with stable growth. In 2019, mutual trade increased by 31.7% compared to the previous year and by 37.4% for the first quarter of 2020 compared to the same period in 2019. The parties expressed their readiness to do their best to further stimulate increased trade between Uzbekistan and Italy through additional favorable conditions for mutual access of products of national manufacturers to the markets of two countries, through intercountry technical consultations between specialists of competent departments on compliance of Uzbek products with customs, phytosanitary and quarantine control of the European Union, as well as through opening Merchant Houses of both countries’ subjects.

The parties also agreed on establishing and expanding cooperation with such banks as Unicredit, Intesa Sanpaolo, UBI Bank and other financial institutions in Italy.

The Italian side positively assessed Uzbekistan’s economy integration into the world economic system. In particular, they noted progress in coordination and early conclusion of an Agreement on Expanded Partnership and Cooperation with the European Union, obtaining the status of a beneficiary country of the GSP + preference system, and Uzbekistan's accession to the World Trade Organization. The Minister of Foreign Affairs and International Cooperation of the Italian Republic expressed willingness to provide technical and advisory support to Uzbekistan.

A separate agreement touched upon cooperation within social projects, such as the opening of a branch of the University of Pisa in Tashkent, creation of a joint Medical Bioengineering  faculty between the Tashkent Pediatric Medical Institute and University of Sannio, establishment of the Italian Design Center in Tashkent and introduction of advanced Italian tourism teaching methods in training modules of the Silk Road International Tourism University in Samarkand.

Finally, the parties outlined further measures on areas identified and agreed to intensify bilateral communication through regular online sessions at the interagency level.