Tashkent, Uzbekistan (UzDaily.com) — On 26 September 2024, the Minister of Investments, Industry, and Trade of the Republic of Uzbekistan Laziz Kudratov held a meeting in Samarkand with Indranee Rajah, Minister in the Prime Minister’s Office, Second Minister for Finance and National Development of Singapore.

During the discussion, both parties highlighted the role of the Asian Infrastructure Investment Bank (AIIB), which serves as a key platform for promoting regional cooperation and economic growth.

The Uzbek side expressed interest in deepening collaboration with AIIB and with Singapore, as one of the founding members of the Bank and a country that is committed to strengthening international economic ties and developing sustainable infrastructure in Asia.

The prospects for expanding trade, economic, and investment cooperation with Singapore were discussed. In the chemical industry, a project is underway to modernize one of the largest chemical enterprises, which will increase production and export capacity.

Uzbekistan also plans to attract Singapore’s expertise in managing strategic assets, particularly in state-owned enterprises.

In the agricultural sector, a project is being implemented to create a modern agro-cluster that will utilize innovative technologies and agricultural practices.

Systematic efforts are in place to ensure the timely implementation of investment agreements worth a total of US$3.9 billion, which were reached during high-level visits in 2023. Laziz Kudratov emphasized that Uzbekistan is ready for close cooperation with Singapore in the areas of innovative technology development and sustainable infrastructure. The Ministry of Investments, Industry, and Trade is providing targeted support for each project.

At the end of the meeting, both sides agreed on the timing of the next Uzbekistan-Singapore business forum and identified key sectors for further cooperation: infrastructure development, smart agriculture, information technology, electrical product manufacturing, and healthcare. The parties agreed on a forthcoming visit of an Uzbek delegation to Singapore to discuss specific projects and measures for their implementation. Indranee Rajah expressed confidence that the summit would mark a new phase in the development of long-term and mutually beneficial cooperation between the two countries.

The meeting will create new opportunities for advancing cooperation in infrastructure development, smart agriculture, information technology, electrical product manufacturing, and healthcare.