On May 3, President of Uzbekistan Shavkat Mirziyoyev had a meeting with the heads of top companies and financial institutions of Germany as part of his business agenda to the country.

Representatives from the Eastern Committee of German Economy, German-Uzbek Business Council, German Energy Agency, as well as leaders from around 30 major German companies and banks, including CLAAS, Knauf, Siemens Energy, Lasselsberger, Aurubis, Linde Group, Gunter Papenburg, Falk-Porsche-Technik, Mangold Consulting, DB Engineering, Landesbank, Commerzbank, KfW Bank, and Deutsche Bank, participated in the meeting with Uzbekistan President Shavkat Mirziyoyev during his visit to Germany.

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In January 2019, during the Uzbekistan President’s official visit to Germany, a similar dialogue was held for the first time. Since then, the two countries have collaborated on various high-tech projects to modernize their economy and have strengthened their trade, economic, and investment partnerships.

Opening the meeting, the President of Uzbekistan stressed in particular the high level of trust and mutual respect achieved in relations with Germany. More than 60 projects worth 5 billion euros in total have been underway in Uzbekistan with the participation of German partners.

In recent years, German investments in Uzbekistan have reached 4 billion euros, and the number of joint ventures has doubled. Notable German companies, such as CLAAS, Knauf, Gunter Papenburg, Linde Group, and Falk-Porsche-Technik, are successfully operating in Uzbekistan.

“The German-Uzbek Business Council, chaired by the Prime Minister on the Uzbekistan, has become an important mechanism for regular „synchronisation of watches“,” the statement said.

The President has especially emphasised that it is the business community that can and must play a key role in implementing the breakthrough agreements and joint plans achieved during the current visit.

Ahead of the Uzbek-German business forum, several new agreements were signed to develop industrial cooperation and expand technological partnerships for a total of 9 billion euros in trade, financial and investment, according to sources.

These include major projects in green energy, transport infrastructure development, metallurgy, water supply, agriculture, chemical, mining, automotive, textile, electro-technical and other industries.

It is planned to expand cooperation in the banking and financial sector, in particular on issues of project finance with such major banks of Germany as Deutsche Bank, Commerzbank, KfW and Landesbank.

“President Shavkat Mirziyoyev noted Uzbekistan’s readiness to become an effective and reliable platform for German business in the new realities of large-scale and serious turmoil in the global economy,” the statement said.

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The new Constitution of Uzbekistan strengthens guarantees of inviolability of private property, clearly establishes provisions for the state to create conditions for fair competition and independence of the judicial system, the report said.

The President especially emphasised that now the state guarantees the rights of investors and their protection in court. “From now on, state bodies, not entrepreneurs, will be obliged to prove the legality of their decisions. And any ambiguities that arise will be interpreted in favour of investors”, the statement emphasised.

“Uzbekistan must be associated in the first place with stability, reliability and predictability for foreign investors,” Shavkat Mirziyoyev said. “We are ready to create all conditions for every German businessman to feel free and confident in our country. By combining advanced development and innovative technologies of Germany with the resources and human potential of Uzbekistan, we will be able to achieve great results.

During the exchange of views, the representatives of business circles of Germany voiced proposals and expressed willingness to continue cooperation and expand cooperation in priority areas with the introduction of high-tech and innovative solutions.

After a fruitful dialogue with German businesses, President Shavkat Mirziyoyev expressed gratitude for their initiatives and instructed relevant ministries and agencies to approve a “road map” for joint project development and implementation of the agreements reached during the visit.