Germany to invest $1bn into Uzbek economy in 2021
German investors have announced their intention to spend some $1bn on new projects in Uzbekistan by the end of this year. This was announced during a virtual conference held on March 9 between the Ministry of Investment and Foreign Trade of Uzbekistan and German entrepreneurs.
German investors have announced their intention to spend some $1bn on new projects in Uzbekistan by the end of this year. This was announced during a virtual conference held on March 9 between the Ministry of Investment and Foreign Trade of Uzbekistan and German entrepreneurs.
The event saw executives and representatives of leading German companies, including "MAN Truck&BUS", "Deutsche Lufthansa", "Siemens", "John Deere", "Roland Berger", "Knauf" and other major industrial manufacturers, commercial banks and business organizations.
German investment into the Uzbek economy soared by 25% in 2020, the Uzbek side said. New projects are set to be implemented in the automotive, chemical, pharmaceutical and electrical industries, as well as in the production of construction materials.
The Uzbek side assured that the country would continue the processes of economic liberalization aimed at sustainable development, creating the most favorable conditions for doing business, integrating the principles of free market and reducing state participation in priority sectors.
In the period from 2016 to 2019, the trade turnover between the two countries surged by 87% from $529.1mn to $989.8mn. Exports increased by 69%, and imports by 88.4%.
Due to the coronavirus (Covid-19) pandemic, bilateral trade in 2020 dipped slightly by 16.2% to $829.0mn.
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