The Uzbek-Turkish Business Forum 'Economic Diplomacy under Pandemic: the Experience of Turkey and Uzbekistan' in Ankara

On July 27 this year, Ankara hosted the Uzbek-Turkish Business Forum 'Economic Diplomacy under Pandemic: the Experience of Turkey and Uzbekistan' supported by ECO AVRASYA Association of Eurasian Economic Relations involving representatives of the official, expert-analytical and business circles of Turkey, as well as the Uzbek diaspora. The Forum also involved Minister of Trade of the Turkish Republic R. Pekcan from the Turkish side, and Deputy Prime Minister of the Republic of Uzbekistan S. Umurzakov from the Uzbek side.

It should be noted that this format became a traditional one for interaction of business cycles of the two countries. Previous event - the Uzbek-Turkish Forum 'New Uzbekistan: Major Reforms and Renewal' - synchronized with the meeting of the bilateral Uzbek-Turkish Intergovernmental Commission on Trade and Economic Cooperation held in July last year.

During the negotiations under the Forum, the Turkish side emphasized the significant potential for further attraction of investment to Uzbekistan formed due to a number of factors: consistent reforms in key social and economic areas, macroeconomic stability, advantageous geographical location, availability of natural resources, receptive internal market and established trade relations with the countries of the region, as well as a high degree of economic diversification. The attendees also noted positive changes in the improvement of legal framework in investment and foreign trade, tax administration system, anticorruption efforts being indicators of an improvement in the investment climate and conditions for business in the country.

Moreover, the event outlined common position on the need to strengthen bilateral economic ties by enhancing contacts between relevant ministries, departments, business associations and companies of the two countries through regular communication and joint work both under direct meetings and through online platforms. According to the attendees of the Forum, the active mechanisms of so-called 'economic diplomacy' under the current global epidemiological situation are one of the most effective ways to maintain macroeconomic stability and reduce the negative impact of the pandemic on the economy of the country.

The head of the Uzbek Delegation, Deputy Prime Minister of the Republic of Uzbekistan S. Umurzakov, addressed the Forum and emphasized that relations between Uzbekistan and Turkey have a systemic, multifaceted nature thanks to the efforts of the governments and business cycles of the two countries, and noted that Turkey is among strategic partners of the Republic in the investment, trade and economic areas. He also emphasized that the basis for mutually beneficial and long-term cooperation will be the favorable conditions created in Uzbekistan for foreign capital together with the consistent approach to the bilateral agreements focused on the full and timely implementation of the agreements reached. He called the Turkish business cycles up to remain committed towards a close mutually beneficial investment and trade partnership taking advantages of the potential of Uzbekistan in all areas.

The meeting finished with a ceremony of awarding Certificates of Appreciation to the member of the Grand National Assembly of the Republic of Turkey D. Yilmaz, Chairman of the Union of Chambers and Commodity Exchanges R.Hisazhiklioglu, Chairman of the Turkey-Uzbekistan Business Council (DEIK) I. Ekmekchibashi, Chairman of the Board of Directors of Baktat Gida A. Baklan, as well as representatives of the Ministry of Health and the Ministry of Transport and Infrastructure of Turkey, who comprehensively assisted the implementation of 'economic diplomacy'  between the two countries under the pandemic.

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