On April 8, the heads of 30 leading German companies and banks, i.e. ThyssenKrupp, Metro, MAN, Takraf, Klaas, Papenburg, Falk Porsche Technik, Knauf, Deutsche Bank, Commerzbank, Landesbank, etc. held a videoconference.

Deputy Prime Minister and Minister of Investments and Foreign Trade, S. Umurzakov, participated in the video conference on behalf of the Government of the Republic of Uzbekistan. Chairman of the Board of Mangold Consulting, K. Mangold, headed the German side.

During negotiations, the German side was made aware of measures taken in the Republic to mitigate the negative impact of the coronavirus pandemic and the global economic crisis, targeted support to initiators of investment projects and exporters.

In turn, German entrepreneurs expressed a persistent interest in continuing and developing of their business in Uzbekistan in spite of unfavorable external factors caused by the virus. There is also a financial cooperation with German banks, such as Commerzbank, Landesbank. Mainly, the funds are allocated to private projects in the textile, agriculture and building materials industries.

The parties agreed on mandatory development of previously planned for 2020 German direct investments in Uzbekistan’s economy amounted to EURO 1.1 billion.

During negotiations, the representatives of German business and commercial banks received explanations on issues of interest, including visa extension procedures for foreign citizens who were in the Republic and were unable to travel abroad, provision of subsidies for transportation costs for export, as well as tax exemptions for enterprises under current crisis conditions.

The event resulted in agreement on close cooperation with German entrepreneurs implementing investment projects in Uzbekistan, which implies targeted work with each investor involving responsible government agencies coordinated by the Ministry of Investment and Foreign Trade.