ISLAMABAD:In their declaration at the second Tashkent International Investment Forum (TIIF), the delegates emphasized on strengthening economic and trade cooperation with Pakistan and other regional countries.
In their declaration at the second Tashkent International Investment Forum (TIIF) the Deputy Prime Minister of the Republic of Uzbekistan Jamshid Khodjaev and the President of the Islamic Development Bank (IDB) Muhammad Suleiman al-Jasir addressed the three days forum held in Tashkent (Uzbekistan) from April 28-30.
The forum was jointly coordinated by the International Islamic Trade Finance Corporation (ITFC) and the Ministry of Investment, Industry and Trade of Uzbekistan, and was also attended by high-ranking officials from organizations such as the World Bank, UNDP, Asian Development Bank (ADB), UNECE and others.
Meanwhile, addressing to TIIF declaration session, Deputy Prime Minister of the Republic of Uzbekistan Jamshid Khodjaev said that in current Increasing the trend of regional trade and investment will strengthen economic and trade integration in the region, which will open new avenues of cooperation among other nations of the region, including Uzbekistan.
He said the implementation of transit trade agreements including railway and road projects to increase commercial and economic cooperation and integration with Pakistan and Afghanistan is ongoing.
The minister said that in the last five years, Uzbekistan’s trade with Central Asian countries has increased by $8 billion dollars, and there is room for further growth.
He said that geographical and product diversification is very important for the increase in regional trade, on which the rest of the countries in the Central Asian region need to work.
Jamshid Khodjaev said that trade and product diversification is very important to increase regional and international trade.
He said that we need to improve the transit trade route which will strengthen the economic connection of Central Asia with South Asian countries.
The Deputy PM said that the work on the China-Kyrgyzstan railway line is going on, which is a very important project for the promotion of regional and international trade. He said that the North South and East West corridors are very important, which will develop connections with other regions of Central Asia including Europe and increase economic activities.
Meanwhile, while addressing the forum, President, Islamic Development Bank, Muhammad Sulaiman Al Jasser said that Islamic Bank is working on projects worth $3.4 billion in Uzbekistan and negotiations are ongoing with our Uzbek government for further investment.
He said that the economic situation in Uzbekistan is good and it is the best country for investment.
The President of Islamic Development Bank said that Uzbekistan is an important country for foreign investment and today encouraging decisions have been made for investment here in this forum.
Sulaiman Al Jasser said that the annual increase in trade in Central Asian countries, which is up to 7%, should be increased up to 15%.
The President IsDB said that the logistics sector is an extremely important sector in which there is scope for growth, the world of investment wants to grow with this and it will create employment.
He said that by making the announcements made in this forum practical soon, economic and commercial activities will increase, from which Uzbekistan and other countries of the region will surely benefit.
On this occasion, Chairman of the Board of Directors of ACWA Power Saudi Arabia, Mohammad A. Abunayyan said that on the occasion of this forum, he will sign $7.5 billion investment agreements in Uzbekistan and it will be taken up to $10 billion.
He said that this will be Saudi Arabia’s largest investment abroad in green energy.
On this occasion, the Minister of Energy and Infrastructure of the United Arab Emirates, Suhail Mohamed Al Mazrouei said that the UAE is interested in long-term investment projects in various sectors in Uzbekistan.
Meanwhile, International investors have announced $15 billion of investment in various economic sectors in Uzbekistan and declared Uzbekistan as the best country for investment.
In the Second Tashkent International Investment Forum in Tashkent, the Saudi Arabia, United Arab Emirates, including Islamic Bank and other investment groups have expressed their desire to invest $15 billion in various sectors in Uzbekistan, along also show interest in privatization by the Uzbekistan government.
International investors declared Uzbekistan as the best country for investment and trade and welcomed the economic reforms introduced by the Uzbekistan government.