Leaders of Uzbekistan and Mongolia have set the task of increasing the volume of mutual trade tens of times

President of Uzbekistan Shavkat Mirziyoyev and President of Mongolia Ukhnaagiin Khurelsukh held a joint meeting with representatives of the two countries’ business communities, reports Dunyo IA correspondent.

According to the press service of the Head of our state, the event was attended by executives of leading Mongolian companies such as MCS Investment, Mongol Basalt, Tavan Bogd Group, Asia Pharma, Khanbogd Cashmere, Erdenezoo Trans, ICT Group, ORDGEO, LBH Technology, NCD Group, Mega Wood, Modern Nomads and many others.

The Uzbek side was represented by private companies Basalt Uzbekistan, BMB Holding, New Way Industries, Panaev Farms, Ezel Central Asia, Azia Metall Prof, Jizzakh Jun, Procab, and others.

It should be noted that this format of meetings, aimed at strengthening business ties between business communities, is being held with the Mongolian side for the first time.

The President of Uzbekistan, having sincerely welcomed the representative delegation of leading Mongolian business circles and their Uzbek partners, once again emphasized the particular importance of the first state visit of the President of Mongolia to Uzbekistan in the history of bilateral cooperation for the development of multifaceted relations.

"This once again confirms your decisive attitude and special attention paid to establishing and strengthening trade and economic ties with Uzbekistan", the President of Uzbekistan noted.

It was emphasized that during the meaningful and constructive negotiations, all aspects of bilateral interaction were examined in detail, existing reserves were analyzed, and new growth points for the partnership were identified.

"We emphasized that we practically do not use the existing potential and opportunities. In this regard, we have set the task of increasing the volume of mutual trade tens of times in the coming years, primarily by expanding the range and volume of mutual supplies of in-demand products", the President of Uzbekistan noted.

These include exporting food, fertilizers, medicines, household appliances, plastics, rubber, building materials, finished textiles, and shoes to Mongolia and increasing the supply of meat and meat products, leather, wool, and other finished products in the opposite direction.

It has been announced that trading houses will open in Mongolia and Uzbekistan and industrial exhibitions will be held in the two countries’ capitals soon.

An additional impetus will be the agreement reached on the preparation of an Agreement on Preferential Trade in Certain Types of Goods and proposals to facilitate market access.

The President of Uzbekistan paid particular attention to developing industrial cooperation with Mongolian companies.

An agreement was noted on adopting a medium-term cooperation program, primarily in sectors where our economies can effectively complement each other.

First of all, this involves establishing a partnership in the geological exploration, development, and processing of rich raw materials.

In this strategic area, specific proposals will be prepared soon to begin implementing the first large projects.

Uzbekistan also intends to develop comprehensive cooperation with Mongolia in agriculture and related industries. Plans for creating livestock complexes in Karakalpakstan, Namangan region, and other regions of Uzbekistan were supported.

In addition, mutual interest was expressed in organizing the import of livestock, meat, and processed products from Mongolia, as well as the supply of poultry meat, fresh and processed fruits and vegetables, and other goods in the opposite direction.

As part of interaction in this direction, the intention was expressed to develop joint clusters for the production of meat products of the Halal standard and finished products with high added value based on the deep processing of wool and leather.

The parties confirmed their readiness to actively support entrepreneurs’ private business initiatives.

In this context, new proposals from business circles in various industries were supported, including the opening of a diagnostic center in Tashkent, basalt processing, projects in light industry, digitalization, pharmaceuticals, and others.

It was emphasized that to support industrial cooperation projects, basic agreements on the mutual protection of investments and taxation principles will be adopted by the end of the year.

Leaders welcomed the establishment of a joint Business Council. Plans are outlined to begin its first meeting to generate new business initiatives.

During the visit, agreements on air services and international road transport were signed, which creates a reasonable basis for establishing direct air communications between the countries and intensifying business exchanges.

Transport ministers have been instructed to prepare proposals to reduce the cost of transporting goods.

The President of Uzbekistan noted the large-scale reforms being carried out in the country aimed at innovative economic development, ensuring the rule of law and the inviolability of private property, supporting entrepreneurs, and intensifying the process of accession to the WTO.

President Shavkat Mirziyoyev assured the Mongolian business community representatives of his readiness to create the conditions for comfortable activities in Uzbekistan.

In turn, the President of Mongolia, Ukhnaagiin Khurelsukh, highly appreciating the agreements and conditions created in Uzbekistan for investors and entrepreneurs, called on business representatives to actively interact and reach specific agreements on new projects.

During the exchange of views, representatives of Mongolian businesses highly appreciated the practical significance of the reforms being carried out in Uzbekistan, which are creating a comfortable investment and business climate in the country.

In this context, specific proposals were made for implementing joint projects in priority sectors of the economy.