Trade turnover between Uzbekistan and the European Union (EU) increased by 11% in 2023, reaching €5.13 billion. EU exports to Uzbekistan amounted to €4.35 billion, while imports from Uzbekistan to the EU totaled €780 million.

These figures were announced by EU ambassador to Uzbekistan Charlotte Adriaen on 5 June during an evening dedicated to diplomatic and economic relations between the EU and Uzbekistan. The event, hosted by the delegation and the Europe-Uzbekistan Association for Economic Cooperation (EUROUZ), brought together members of the organization, representatives of EU diplomatic missions, and Uzbekistan’s public and private sectors.

The ambassador also noted that EU exports to Uzbekistan in 2022 reached €3.77 billion, marking a 63.9% growth, while imports from Uzbekistan to the EU amounted to €845 million, reflecting a 77.1% increase. Overall trade turnover growth in 2022 exceeded 70%.

“Behind these figures are stories of how our businesses have made bold decisions to invest in Uzbekistan,” the head of the diplomatic mission emphasized.

This year, Uzbekistan and the European Union are celebrating the 30th anniversary of their diplomatic relations. Commenting on this milestone, EU ambassador Charlotte Adriaen noted that the EU supports “the ambitious path of reforms Uzbekistan has embarked on”.

“We will continue to assist Uzbekistan using all the instruments at our disposal. One of these is the GSP+. We will also continue to support Uzbekistan’s accession to the World Trade Organization and the EPCA (European Petrochemical Association — ed. note), which will open a new chapter in our partnership,” the EU ambassador said.

“Following the path of reforms will lead to a level playing field and, we hope, will encourage more European companies to pay attention to Uzbekistan,” Charlotte Adriaen emphasized.

Oybek Shaykhov and Louis Skyner.Oybek Shaykhov and Louis Skyner.

EUROUZ secretary general Oybek Shaykhov and board member Louis Skyner highlighted the importance of creating a platform for effective dialogue between foreign investors, local business representatives, and the Uzbekistan’s government. The platform is aimed at converting opportunities into real investments and improving cooperation with European countries. They also noted the significant role played by EUROUZ in this process.

EUROUZ is a European chamber of commerce in Uzbekistan, supporting its members by helping them identify target markets, establish business relations, and ensure dialogue between government and business. Based in Brussels, EUROUZ opened a branch in Tashkent in December 2023.