(Yicai) Nov.7 -- Uzbekistan is expecting to see more than USD10 billion of investment from Chinese companies and investors this year, according to a senior official at the Central Asian country’s Ministry of Investment, Industry, and Trade.

More than 3,100 Chinese companies operate in Uzbekistan, with more than 600 new ones established this year alone, Rakhmonov Azamatjon, a department head at the MIIT, told Yicai on Nov. 5 during the China International Import Expo in Shanghai, where Uzbekistan is exhibiting its export products.

Official Uzbek statistics indicate that total Chinese investment and financing in the country surpassed USD11 billion as of Nov. 1 last year.

Chinese firms have a strong foothold across a range of sectors, including oil and gas, chemicals, textiles, power generation, coal, construction materials, agriculture, finance, logistics, auto production, industrial parks, and international engineering projects. They are also collaborating on renewable energy projects in Uzbekistan, including wind and solar power, as well as battery storage facilities.

“Every sector is open to Chinese companies, including electrotechnics, chemicals, pharmaceuticals, and more,” Azamatjon noted. “Our goal is to bring high-quality, innovative machinery and technology from China.”

Azamatjon attributes Uzbekistan’s growing appeal to Chinese investors to reforms aimed at improving the business climate in the past few years.

He also emphasized Uzbekistan's strategic location in Central Asia, which offers access to a market of over 300 million people and facilitates tariff-free exports to European countries through the Generalized Scheme of Preferences Plus, a European Union program that provides developing countries with incentives to promote sustainable development and good governance.

The growth in investment growth mirrors the strengthening bilateral trade relations between Uzbekistan and China. Two-way trade reached USD14 billion last year, said Azamatjon, marking a substantial increase from USD12 billion in 2022.

At the CIIE, Uzbekistan’s pavilion is showcasing more than 300 products across 10 industries, including chemicals, electronics, textiles, and especially agricultural goods.

“We’re focused on promoting our agricultural products, including fruits and vegetables,” Azamatjon said, highlighting the sector's export potential, and that is why the country tries to participate ever year in the CIIE.

The seventh CIIE is being held at the National Exhibition and Convention Center in Shanghai from Nov. 5 to 10.

Editor: Tom Litting