Singaporean businessmen expand investment activities in Uzbekistan

Singaporean business circles intend to expand their investment activities in Uzbekistan.

On August 28, Shavkat Mirziyoyev received a delegation led by Singaporean Senior Minister Lee Hsien Loong.

According to the presidential press service, at the beginning of the conversation, the Senior Minister conveyed sincere greetings and best wishes from Singaporean President Tharman Shanmugaratnam and Prime Minister Lawrence Wong. The meeting noted the consistent development of Uzbek-Singaporean relations. Political dialogue and bilateral relations at all levels are actively supported.

The volume of trade turnover and the number of joint ventures are growing rapidly. Singapore's investments in the Uzbek economy amounted to almost $2 billion. The plans of Singaporean businessmen to expand their investment activities in Uzbekistan were approved. It was agreed to develop a joint medium-term program for strategic and innovative partnership, which will prioritize trade, investment, technology transfer, modernization of the public administration system, human capital development, digitalization and other areas.

Particular attention was paid to the introduction of Singapore's advanced experience in improving the activities of special economic zones in Uzbekistan, developing the Tashkent International Financial Center and the digital banking system. It was announced that Singaporean higher education institutions would continue to support the activities of the country.

The need to establish regular dialogue between political and economic structures was emphasized to assess the implementation of agreements reached at a high level and coordinate joint plans. The recent accession of Uzbekistan to the UN Singapore Convention on Mediation was welcomed.

Views were also exchanged on issues of mutual support and regional cooperation within international organizations.