Exports Minister Lord Offord has embarked on a significant mission to Uzbekistan, aimed at strengthening UK-Uzbek relations and unearthing untapped business possibilities. The three-day visit is poised to foster deeper ties between the two countries, focusing on potential trade prospects and collaboration in the burgeoning Central Asian region, which is projected to grow by 5.4% in 2024.
During the visit, Lord Offord will engage with government counterparts and business leaders, with a strategic emphasis on infrastructure and mining opportunities for UK exports. Uzbekistan, with its promising economic landscape, presents tangible opportunities for UK businesses to expand their footprint.
A notable highlight of the mission is Lord Offord’s visit to the Almalyk Mine and gold processing facility. This endeavor is aimed at identifying areas of cooperation and export potential. Uzbekistan holds the distinction of possessing the world’s fourth-largest gold reserves and being among the top 15 countries in terms of copper reserves. This presents a significant avenue for UK businesses to collaborate and contribute to the country’s mining sector, with a focus on cleaner, greener practices, given the UK’s expertise in clean energy.
Apart from promoting UK exports, the mission’s objectives also encompass safeguarding free trade. The UK is firmly committed to supporting Uzbekistan’s accession to the World Trade Organisation, reinforcing the spirit of international collaboration and economic openness.
Lord Offord commented on the mission, highlighting the growth potential in Uzbekistan: “Uzbekistan is a growing market full of untapped business opportunities. With the current total trade between the UK and Uzbekistan standing at a mere £267 million, this visit presents a valuable opportunity for us to explore untapped sectors where UK exports can penetrate the Uzbek market. This endeavor has the potential to catalyze growth and generate employment both within our nation and overseas.”
The visit also presents an opportunity for Lord Offord to shed light on the capabilities of UK Export Finance, the country’s export credit agency. This agency plays a pivotal role in mobilizing finance and advocating the strengths of UK businesses in key economic and social sectors. It supports critical projects across various domains, including clean energy, healthcare, education, and manufacturing.
While in Uzbekistan, Lord Offord’s itinerary includes meetings with notable figures, such as Uzbek Deputy Prime Minister and Minister for Finance and Economy, Jamshid Kuchkarov Laziz Kudratov, Uzbek Minister of Investment Industry and Trade, Laziz Kudratov, and Uzbek Foreign Minister, Bakhtiyor Saidov. These interactions are expected to pave the way for deeper collaboration and partnerships between the UK and Uzbekistan.
The mission reflects the UK’s commitment to global economic engagement and highlights the country’s enthusiasm for establishing mutually beneficial trade relationships. As Uzbekistan’s potential for growth shines brightly on the horizon, the UK stands ready to contribute and explore avenues for cooperation that will benefit both nations.
Source: Gov[Dot]UK
