Uzbekistan and S’pore strengthen economic ties, 18 MOUs signed at business forum
Sign up now: Get ST's newsletters delivered to your inbox
Minister for Trade and Industry Gan Kim Yong speaking at the the Uzbekistan-Singapore business forum on Jan 16, 2023.
ST PHOTO: ALPHONSUS CHERN
SINGAPORE - Uzbekistan and Singapore deepened their collaboration on Monday with 18 new memorandums of understanding (MOU) signed between Singapore companies and Uzbek organisations.
The agreements were signed at the Uzbekistan-Singapore Business Forum, which was held at the Singapore Business Federation Centre.
Minister for Trade and Industry Gan Kim Yong and Mr Laziz Kudratov, Uzbekistan’s Minister of Investments, Industry and Trade, were guests of honour at the forum.
“(Uzbekistan has) strong macroeconomic foundations, sustained GDP growth, a large domestic market of 34 million people, a young population of rising middle class and abundant natural resources... Uzbekistan is (also) strategically located between Europe and Asia,” said Mr Gan in his speech.
These advantages present opportunities for businesses, with diversification becoming increasingly crucial amid global challenges, he added.
The forum was held as part of Uzbek President Shavkat Mirziyoyev’s state visit to Singapore on Monday and Tuesday.
More than 180 Singapore business leaders with interest in Uzbekistan, as well as 30 Uzbekistan government officials and chief executives of Uzbek corporations, attended the forum.
The MOUs cover areas such as urban development, transport infrastructure, information and communications technology, healthcare and education.
They include an agreement by chemical company Indorama and Uzkimyosanoat Joint Stock Company to implement chemical and fertiliser investment projects in Uzbekistan.
Uzkimyosanoat is an integrated corporate structure that combines chemical enterprises in Uzbekistan.
Mr Eric Kuan, president of private education institution MDIS, and Mr Komiljon Karimov, Ukbekistan’s Deputy Minister of Higher Education, Science and Innovation, signed a pact to establish English language-training centres and a centre for professional development in tourism, hospitality, business and management in Tashkent and other regions in the Central Asian country.
Under another MOU, Singapore infrastructure consultancy Surbana Jurong and Tashkent will cooperate to further develop industrial zones, technoparks, small industrial zones and innovative research centres in the Uzbek capital.
At the forum, Uzbek business leaders and officials gave presentations on investment and trade opportunities in Uzbekistan. The speakers included Deputy Minister of Transport Jasurbek Choriyev and Mr Ulugbek Kasimkhodjaev, director of the Investment Promotion Agency under the Ministry of Investments, Industry and Trade.
Singapore business leaders also took part in a fireside chat about the challenges and advantages of doing business in Uzbekistan.
(From left) Moderator Ray Kwan with panellists Ulugbek Kasimkhodjaev, Prakash Kejriwal, Prasoon Mukherjee, Eric Kuan and Wang Chee Foong during the fireside chat on Jan 16, 2023.
ST PHOTO: ALPHONSUS CHERN
Those in the chat included port operator PSA International regional CEO for Middle East and South Asia Wan Chee Foong, Indorama Group director Prakash Kejriwal and MDIS’ Mr Kuan.
One of the challenges of running a business overseas involves building up familiarity with the culture, lands and directions of the country, said Mr Wan.
“We will also have to work hand in hand with the country’s government to ensure that we are in line with master plans that tie in closely with industry developments.”
