Uzbekistan-Finland Intergovernmental Commission of Trade and Economic Cooperation supports trade, investments and project cooperation
The Intergovernmental Commission of Trade and Economic Cooperation between Finland and Uzbekistan held a video conference on 16 June 2020. The Commission was co-chaired by Finland’s Minister for Development Cooperation and Foreign Trade Ville Skinnari and Uzbekistan’s Deputy Prime Minister and Minister of Investments and Foreign Trade Sardor Umurzakov.
The Intergovernmental Commission is tasked with promoting business opportunities and building contacts between companies and authorities. Extensive market reforms have been launched by Uzbekistan, which is the most densely populated country in Central Asia. It is deepening its cooperation with the EU and its accession to membership of the WTO is underway. In the use of its natural resources and other assets, Uzbekistan could make use of Finnish expertise and technology.
The topics on the meeting agenda included trade and investments, business matters, development cooperation and cooperation in the education sector, IT and communications technology, as well as water sector matters. The Finnish and Uzbek Chambers of Commerce decided to sign a Memorandum of Understanding. Additionally, Uzbekistan welcomed Finland's support (EUR 1 million) to the UN-affiliated Multi-Partner Human Security Trust Fund.
Trade between Finland and Uzbekistan is newly established, but the political and economic reforms in Uzbekistan are now opening up opportunities for their growth. In 2019, Finland's exports to Uzbekistan amounted to EUR 43 million and the value of imports was EUR 300,000 million. In April 2019, a Team Finland to Uzbekistan was joined by 15 companies, the majority of which have set up business in Uzbekistan.
In addition to the ministries, the video conference was attended by Business Finland, Finnpartnership, Finnvera, the Finland Chamber of Commerce, Finnish Water Forum, a consortium of Jyväskylä University of Applied Sciences and Häme University of Applied Sciences, as well as Nokia, Sensorex, Single Wing Energy and Kauko International, which represented the business world.
The previous meeting of the Intergovernmental Commission was held in 2002. From now on, the Commission will meet on a regular basis, because Finnish companies are interested in Uzbek markets and Uzbekistan aims to develop its economy and business environment.
Inquiries:
Ambassador Marja Liivala, tel. +358 50 401 6135
Juha Niemi, Diplomatic Adviser to the Minister, tel. +358 295 350 232