Uzbekistan and Italy plan to expand cooperation in business services

According to Dunyo news agency, the Embassy of Uzbekistan organized an Uzbek-Latvian business forum, which was attended by representatives of the business communities of both countries.

During the event, investment opportunities in Uzbekistan were presented to Latvian entrepreneurs, along with information about ongoing reforms aimed at improving the business environment, developing free economic zones, and creating favorable conditions for foreign investors and tourists.

Business negotiations focused on the potential for expanding trade, economic, and investment ties, as well as cooperation in the fields of transport, logistics, food processing, and pharmaceuticals.

Participants discussed the need to increase the volume of bilateral trade and cargo transportation, more effective utilization of the transport and logistics capacities of the two states, and the implementation of new joint investment projects.

Representatives of more than ten major Latvian companies operating in the transport and logistics sector, including Riga Port Group, Baltijas Ekspresis, and Ventspils Commercial Port JSC, took part in the negotiations.

The parties studied opportunities to increase cargo flows between Uzbekistan and Latvia, develop transport routes, and utilize the port infrastructure of Riga and Ventspils to facilitate access of Uzbek goods to European markets. The expansion of warehousing and transit services was also discussed.

Following the meetings, an agreement was reached on a visit by a delegation of Latvian business representatives to Uzbekistan, scheduled for October 5 to 10 of this year. During this visit, the parties intend to continue discussions on cooperation in transport and logistics, energy, and pharmaceuticals, as well as consider possibilities for joint projects and determine steps for their implementation.

President of Uzbekistan Shavkat Mirziyoyev and President of Serbia Aleksandar Vučić participated in a joint business forum. The event gathered over 200 representatives from official and business circles of both countries, as well as leaders of major industrial and trade companies.

At the forum, Serbian companies such as Galenika, Abela Pharm, Goša FOM, Yumco, Luss Textile, and other enterprises were represented.

Speaking at the forum, Mirziyoyev noted that recent high-level meetings have opened a new phase in relations between the two states. He emphasized that establishing a strategic partnership between Uzbekistan and Serbia has become a key result.

A significant increase in bilateral trade was identified as one of the priorities. To achieve this goal, the parties intend to expand the range of goods they exchange and simplify customs procedures. Furthermore, a joint Action Plan for the period 2026–2028 was approved in the field of industrial cooperation.

The President of Uzbekistan outlined several areas that should form the basis for further development of economic ties. These include the creation of joint production of textiles and electrical equipment, as well as automotive and industrial components.

Special attention will be paid to the localization of pharmaceutical production and the deep processing of fruit and vegetable products. Both countries also plan to develop joint projects in the fields of software and artificial intelligence.

Mirziyoyev assured that Uzbekistan is ready to create favorable conditions for Serbian companies and investors, and to provide practical support for the implementation of every joint project.

After the conclusion of the business forum, both sides signed a number of bilateral economic agreements and trade contracts.

Uzbekistan and Serbia reached an agreement to expand trade and economic interaction, increase investments, and develop industrial ties following the first meeting of the Uzbekistan-Serbia Intergovernmental Commission on Economic Cooperation in Belgrade on September 7.

The meeting was co-chaired by the Minister of Investment, Industry, and Trade of Uzbekistan, Laziz Kudratov, and the Minister of International Economic Relations of Serbia, Nenad Popović. The parties discussed areas for deepening trade and economic ties, increasing investment volumes, and developing industrial partnership.

Particular attention was paid to preparing for the start of negotiations on concluding a free trade agreement. Prospective areas for joint work included pharmaceuticals, textile industry, agriculture, critical minerals, digital technologies, and artificial intelligence.

Participants also considered ways to simplify cargo transportation between the two countries, as well as prospects for cooperation in the field of railway infrastructure. It is planned that the second meeting of the Intergovernmental Commission will take place in Uzbekistan in 2027.

During his visit, Laziz Kudratov held a series of meetings and negotiations with leaders of major Serbian companies. Opportunities for further strengthening business ties and cooperation in priority sectors were discussed.