The 24th session of the Uzbek-British Council on Trade and Industry (UBSTP) is being held these days in Tashkent. attending by over 110 business executives representing more than 60 British companies, the record number in the history of UBSTP.
The session was co-chaired by the Uzbek Deputy Prime Minister Elyor Ganiev and the Baroness Emma Nicholson of Winterbourne.
“Uzbekistan is confidently undertaking the reforms, with the number of new investors steadily increasing. But we see that many foreign companies are not rushing to invest, but are still waiting to see what will happen next. Once again, on behalf of the Government of Uzbekistan, I want to firmly declare wide and loud that the Uzbekistan reforms are irreversible. They will continue very confidently and effectively,” said Elyor Ganiev in his opening remarks.
A Memorandum of Understanding was signed by the parties during the first day of the session.
Also, an agreement was signed on setting up of a foreign company between the British company BAT Uzbekistan (Investments) Ltd. (BATU (I)) and the Swiss company New Product International, which is currently the majority owner of the Uzbek-Swiss enterprise LLC Samfruit, which produces and exports dried vegetables, fruits and herbs.
In line with the agreement, BATU (I) will become a shareholder of Samfruit and will invest US$ 11 million in the first stage to expand its production capacity, incl. for purchase of high-end equipment for freeze-drying and air-drying and packaging, for production of export-oriented products.
The agreement was signed by the Regional Managing Director for Central Asia, Caucasus, Ukraine, Belarus, Moldova of the British American Tobacco Group of Companies Simon Welford and the Director General of Samfruit LLC Denis Samarin.