The modernization of industry and agriculture in Uzbekistan represents interesting opportunities for Czech companies, the Ministry of Industry and Trade of Czech told.
According to the ministry, Uzbekistan is the second-largest trading partner for Czech by trade volume in Central Asia.
In the past, the expansion and diversification of mutual trade between Czech and Uzbekistan have been hampered by some non-tariff barriers, notable problems with local currency conversion and transfer, and import protection measures.
"These obstacles were the main reason for the somewhat reluctant approach of potential Czech investors and exporters. In this context, it must be acknowledged that the current economic cooperation is modest, although the potential is considerable," the ministry stressed.
It is reported that high-level contacts have been established between Czech and Uzbekistan. In particular, in November 2018, a delegation of the Chamber of Deputies of the Parliament of Czech led by Deputy-Speaker Vojtěch Filip visited Uzbekistan. Also, in April 2019, the Minister of Industry and Trade Marta Nováková visited the country.
Also, the ministry added that although a substantial part of mutual trade is made up of Czech exports, the Czech economy's openness creates sufficient possibilities for Uzbek companies to operate on the Czech market.
"Czech is interested in more intensive relations with Uzbekistan, higher trade volumes, and investment," the message said.
In addition, according to the source, the modernization of industry and agriculture in Uzbekistan represents interesting opportunities for Czech companies.
"In the context of the ongoing transformation reforms in the country, Czech is ready to help further the development of trade cooperation with Uzbekistan through political support and pro-export financing (through the Czech Export Bank and the Export Guarantee and Insurance Company)," the ministry noted.