International business cooperation in Uzbekistan

International business cooperation in Uzbekistan 

 

In the context of the open economy formation with rather full-fledged foreign economic relations it is very important that every country finds its own niche in international division of labor and world economic system. Uzbekistan conducts independent outward-looking economic policies from the moment of its acquisition of independence in order to attain the economical openness and its integration into the world economic system.

 

Within the structure of the Uzbek export in 2014 the main goods were energy resources and petroleum products (26% of the total volume of export), services (21.5%), food commodities (11.9%), cotton and fiber (7.4%). The essential groups of goods of the Uzbek import in 2014 were automobiles and equipment (39.6%), chemical production and produce made of it (16%), food commodities (10.8%), and ferrous non-ferrous metals (8%). As for the international business cooperation in Uzbekistan the main foreign trade partners of Uzbekistan are considered to be Russia, China, Kazakhstan, South Korea, Turkey, Germany, Ukraine, Afghanistan, Turkmenistan, and Iran.

 

Uzbek President Islam Karimov confirmed with his act the inter-governmental agreement with Russia about the main directions of business development in Uzbekistan and deepening of economical cooperation for the period of 2015-2019. Russia gains the lead among other trading partners of Uzbekistan with a share of 27.5%.

 

China remains one of the top trade-economic partners of Uzbekistan. In particular in the last six years the sales volume between two countries has grown six times and made $5.2 bln in 2013. 482 enterprises, created with the help of Chinese partners function on the territory of the Republic. More than 70 of them are maintained by one hundred percent Chinese capital.

 

Kazakhstan and Uzbekistan plan to increase their mutual trade due to activation of ready delivery in 2015. According to the data of statistics the volume of business between the countries has increased by 18 %. The main export articles of Uzbekistan in Kazakhstan are natural gas, food products, and chemicals, whereas the principle import items of Uzbekistan from Kazakhstan are food commodities, ferrous and non-ferrous metals, and chemical production.

 

South Korea rears the top four countries dealing with Uzbekistan. The country is considered to be a reliable strategic partner of the Republic. They signed cooperation agreements in such spheres as trade, investments, oil and gas industry, mechanic engineering, as well as mining, textile and chemical process industry, logistics, construction, information and communications technologies, education and medical care. 412 enterprises in partnership with Korean businessmen function in Uzbekistan.