UK Trade Minister for Exports makes first ever visit to Uzbekistan
The British Trade Minister for Exports, Mike Freer, visited Tashkent on 7 June 2022.
Trade between the UK and Uzbekistan doubled last year, making it worth $478 million, and there is high potential to double it again. The UK is exploring the use of further trade development funds to help boost the trading relationship between the two countries.
Minister Mike Freer MP was accompanied by a small British business delegation, including senior representatives from the London Stock Exchange, Standard Chartered bank, Arup and TheCityUK. British businesses are keen to support Uzbekistan’s ambitious privatisation programme.
During his visit, the Minister met:
- Deputy Minister of Finance Odilbek Isakov
- Deputy Prime Minister/Minister for Investment and Foreign Trade, Sardor Umurzakov at the Ministry for Investments and Foreign Trade
- CEO of Almalyk Mining
- Deputy Chairperson of Uzbekistan Airports
Meeting with the Ministry of Finance
Minister Freer met with the Deputy Minister of Finance, Mr Isakov, to underline the considerable interest of British financial & professional services companies in doing business in the country, noting that they see significant opportunities for the rapidly growing and developing Uzbek economy.
Also, the sides discussed cooperation in issuing Eurobonds and placement of shares of major Uzbek state-owned enterprises and banks on the London Stock Exchange. Standard Chartered and UK Export Finance have expressed interest in supporting the government in raising finance at central government level, as well as providing access to capital markets, attracting investment and helping to introduce enhanced asset management. TheCityUK is keen to strengthen cooperation in terms of developing capital market of the country.
Meeting with the Ministry of Investment and Foreign Trade
Minister Freer met with Deputy Prime Minister H.E. Sardor Umurzakov to discuss opportunities to further increase trade between Uzbekistan and the UK, which has already doubled to $478m.
The Minister expressed interest in supporting Uzbekistan in making the most of the preferences of the Enhanced Framework GSP and in increasing the volume of Uzbek products sold on British markets (Uzbekistan became the first country admitted to the UK’s EF GSP scheme in November 2021).
Potential areas of technical support were also discussed, namely assistance in implementing reforms to liberalise the economy and trade in the country, as well as WTO accession and capacity building. Minister Freer assured H.E. Umurzakov that the UK fully supports Uzbekistan’s accession to the WTO.
In addition, the Ministers announced the date of the annual trade and investment event, the Uzbek-British Trade and Investment Council, which is to be held in the last week of October 2022.
Meeting with Almalyk Mining
Minister Freer met with the Chairman of the Almalyk Mining Company, Mr. Abdulla Khursanov, to discuss and highlight opportunities for UK financial and professional services companies. The UK is home to major consulting and ESG firms, investment banks and asset managers, due diligence and audit companies. The London Stock Exchange is becoming the top choice for bond issues and IPOs in Almalyk’s ambitious plan to privatise and raise international capital. Very high appetite by foreign investors for securities of Uzbek origin has been mentioned.
The Minister informed Mr. Khursanov about the financial instruments of the UK Export Finance Credit Agency and UK banks, such as Standard Chartered, to raise finance for the investment projects presented by Almalyk Mining.
Meeting with Uzbekistan Airports
Minister Freer, during his meeting with the Deputy Chair of the Uzbekistan Airports JSC, praised the company’s plans to develop and build new airports and terminals in the regions and in the capital of Uzbekistan. He noted that the British companies have world-class expertise in aviation and airports construction & management, including engineering and design, strategic planning, advising on operations, as well as providing with security and control systems of terminals, cargo handling, etc. One of the greatest examples of UK aviation and airport capabilities is Heathrow Airport in London.
The Minister noted the willingness of British Engineering & Architecture companies, banks and UKEF to participate in three new projects of Uzbekistan Airports JSC in consortium with international companies.
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