Uzbekistan and Singapore Begin Negotiations on Free Trade Agreement

Uzbekistan and Singapore have reached an agreement to begin negotiations on establishing a free trade agreement. This agreement aims to reduce trade barriers and increase access for businesses from both countries to each other's markets.

The joint declaration of intent to conclude this agreement was signed on August 28 in Tashkent during the official visit of Singapore's Senior Minister Lee Hsien Loong. The ceremony took place with the participation of Uzbekistan's Minister of Investment, Industry and Trade, Laziz Kudratov.

The proposed treaty is intended to optimize trade between the states, improve business conditions, and open new prospects for companies from Uzbekistan and Singapore. Furthermore, the parties signed a memorandum of understanding on cooperation in the fields of investment, industry, and trade.

A document concerning planned investments totaling $100 million was also signed. These funds will be directed towards establishing a flour and vegetable oil production and processing enterprise in the Tashkent region.

Economic ties between the countries show steady growth. In 2025, trade turnover between Uzbekistan and Singapore reached $69 million. In 2024, the volume of trade in services amounted to $109.6 million, and Singapore's direct investments in Uzbekistan reached $390 million during the same period.

During his visit, Lee Hsien Loong visited the Center for Islamic Civilization in Tashkent and walked around Amir Timur Square. He shared on his Facebook post plans to visit Samarkand over the weekend to study the city's history as a major trading hub on the Silk Road. Previously, the parties had also agreed to expand cooperation in the areas of innovation and investment.

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uzdaily.uzAugust 28, 12:07

Uzbekistan and Singapore Agree to Expand Strategic Partnership in Investment and Technology

The President of Uzbekistan, Shavkat Mirziyoyev, received a delegation from Singapore led by Senior Minister Lee Hsien Loong on August 28, 2026. The purpose of the meeting was to discuss deepening bilateral cooperation, attracting investments, technology transfer, and digitalization, according to the Press Service of the President of Uzbekistan.

At the beginning of the negotiations, Lee Hsien Loong conveyed greetings and best wishes to President Mirziyoyev on behalf of Singapore's President Tharman Shanmugaratnam and Prime Minister Lawrence Wong.

The leaders noted the positive dynamics in relations between Uzbekistan and Singapore, emphasizing the ongoing political dialogue at various levels, the growth of bilateral trade, and the increase in joint ventures operating in Uzbekistan.

Singapore's foreign direct investment in the Uzbek economy has reached approximately 2 billion US dollars. During the talks, both sides agreed to support the further expansion of Singapore's business and investment activities in the country.

Key Agreements on Partnership

One of the key outcomes of the meeting was an agreement to develop a joint medium-term Program for Strategic and Innovative Partnership. This future framework is expected to cover cooperation in trade, investment, technology transfer, public administration modernization, human capital development, and digital transformation.

The delegations also examined the possibility of applying Singapore's experience in managing special economic zones within Uzbekistan. Additional areas for interaction include the development of the Tashkent International Financial Centre and digital banking infrastructure.

The parties supported the continuation and expansion of Singaporean higher education institutions in Uzbekistan. Furthermore, participants emphasized the need to establish regular structured dialogue between relevant political and economic bodies to monitor the implementation of high-level agreements and coordinate joint initiatives.

Both sides also welcomed Uzbekistan's recent accession to the UN Convention on International Contracts Arising Out of Mediation, known as the Singapore Convention on Mediation.

After concluding the meetings, the delegations exchanged views on mutual support within international organizations and broader regional cooperation structures.

uzdaily.uzAugust 25, 15:55

Uzbekistan and South Korea Hold Forum to Expand Bilateral Trade

On August 24, 2026, Uzbekistan and South Korea held a joint business forum and B2B meetings aimed at increasing bilateral trade and economic cooperation in Tashkent.

Business Meeting in Tashkent

The event was jointly organized by the Ministry of Investment, Industry, and Trade of Uzbekistan and the Korean Importers Association (KOIMA). Participants included Deputy Minister of Investment, Industry, and Trade Ilzat Kasimov, KOIMA Chairman Yoon Yong Mi, the Korean Embassy in Uzbekistan Ambassador Won Do Young, and about one hundred company representatives from both countries.

Bilateral trade turnover between Uzbekistan and South Korea reached approximately 2 billion US dollars in 2025. The total volume of foreign direct investment from South Korea into Uzbekistan exceeded 8 billion US dollars, with over 600 enterprises with South Korean capital currently operating in the country.

Discussions focused on strengthening trade and economic ties, as well as promoting the increase of Uzbek product exports to the South Korean market. Participants also assessed new business opportunities and potential joint projects in key sectors such as agriculture, industrial production, energy, logistics, and telecommunications.

The B2B sessions allowed for direct negotiations between businesses to establish concrete frameworks for cooperation in target industries.