Uzbekistan, U.S. sign agreements for $ 2.5 billion

By Azernews

By Abdul Kerimkhanov

Uzbekistan and the U.S. in the framework of the business forum in Tashkent signed agreements worth $ 2.5 billion on October 23, Chairman of the U.S.-Uzbekistan Chamber of Commerce Carolyn Lamm told Uzbek media.

Among the largest documents is a joint venture agreement with the American John Deere, which intends to collect agricultural equipment at the Tashkent Tractor Plant, as well as the transfer of the Dori-Darmon pharmacy network to United Investment Healthcare Group.

In the framework of the same forum, Carolyn Lamm stated that the U.S is ready to compete with the Russians for Uzbekistan.

“We learned a very important fact that the Russians signed more agreements (than the Americans). We decided that we could make more agreements to increase the level of investment and trade. Our memorandums with Uzbekistan are only the beginning, we are only moving forward" she said.

American companies are ready to invest in projects in Uzbekistan over $ 9 billion, added Lamm.

In addition, U.S. companies are planning to set up a joint venture for the production of jewelry in Uzbekistan, to organize a textile cluster, to launch production of medical diagnostic systems, as well as a number of other projects.

For the first nine months of 2018, Uzbekistan and the U.S. have almost doubled their bilateral trade and brought it to $ 332 million. Currently, 210 enterprises with the participation of U.S. companies are successfully operating in Uzbekistan; since the beginning of current year, 25 enterprises have been created with the participation of American capital.

The total amount of American investments and loans attracted to the economy of Uzbekistan for the period from 1998-2017 exceeded $ 1 billion.

The Uzbek president, during his visit to New York on May 15-17, held a series of meetings with representatives of American companies and took part in a bilateral business forum. During the visit, over 20 major business deals between Uzbekistan and U.S. companies were signed, which, if fully implemented, will be worth more than $4.8 billion and could sustain more than 10,000 US jobs and open opportunities for billions of dollars in future contracts.

The United States also ranked first among the countries investing in Uzbekistan's economy in the first quarter of 2018, according to the Central Bank.

In 2017, the volume of trade turnover between Uzbekistan and the United States amounted to $ 210.2 million. In the structure of Uzbek exports, the main share falls for services - 71.4 percent, mechanical equipment - 15.7 percent, dried pepper - 3.3 percent and fruit and vegetable products - 3.1 percent. In turn, pharmaceutical products, mechanical and electrical equipment, plastic products, optical instruments and devices, rubber, rubber products, vehicles, artificial fibers are imported from the U.S.