Forum of business circles of Uzbekistan and Latvia took place at the Business center within the framework the visit of the President of Latvia Valdis Zatlers to Uzbekistan on 6 October.

The forum, organized by the Ministry of foreign economic relations, investments and trade of Uzbekistan and the Latvian agency of investments and development, was devoted to expansion of economic and investment collaboration between Uzbekistan and Latvia.

Primer Minister of Uzbekistan Shavkat Mirziyoyev expressed hope that the forum would serve to creation of new possibilities for further expansion of economic and investment ties between the two states.

Uzbekistan and Latvia possess large economic potential. In particular, natural resources of Uzbekistan, its advantageous geographical location, modern transport communications, successive mastering of modern technologies in all industries, high intellectual potential, favorable investment environment promote interest of many states to collaboration with the country.

The volume of mutual commodity turnover between the two countries has been growing constantly. If in 2007 the figure was USD 123.3 million, in the first seven months of the present year it was USD 187 million. 19 joint ventures formed with participation of Latvian investments operate in Uzbekistan. In Latvia, about 40 enterprises created with Uzbek partners function.

At the business forum in Tashkent, the Latvian businessmen received detailed information on the priority directions of investments in Uzbekistan, the country’s potential in oil and gas, mining industry, tourism, car manufacturing, production of building materials, agriculture, etc.

“Latvia highly values collaboration with Uzbekistan. We consider Uzbekistan as a very perspective market. I am sure that the present dialog will serve to strengthening of two-way cooperation,” Valdis Zatlers said.

At the business forum, the commerce and industry chambers of Uzbekistan and Latvia signed a cooperation agreement, and the Uzinfoinvest agency and the Latvian agency for investments and development signed a memorandum of understanding and cooperation. A number of memorandums was signed in the fields of production of paper products, building materials, meat and milk products and ICT.

At the cooperation exchange, which was held upon the completion of the business forum, contracts for export of various Uzbek commodities were signed. On the same day, the visiting Latvian businessmen familiarized themselves with the work of a number of enterprises of Uzbekistan.