(MPI) - On the afternoon of March 18, 2024, at the headquarters of the Ministry of Planning and Investment, Deputy Minister Tran Quoc Phuong received Deputy Minister of Investment, Industry and Trade of Uzbekistan Kasimov Elzat, who was visiting and working in Vietnam.
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| Deputy Minister Tran Quoc Phuong and Deputy Minister Kasimov Elzat at the reception. Photo: MPI |
At the meeting, the two sides focused on exchanging and sharing information to promote bilateral investment and trade cooperation in the coming time. Both sides agreed that economic, trade and investment cooperation between the two countries is still at a very modest level, while the two sides still have a lot of potential and room for cooperation.
Deputy Minister Tran Quoc Phuong said that investment cooperation between enterprises of the two countries is still very modest. As of February 2024, Vietnamese investors have 05 investment projects in Uzbekistan with a total registered capital of 4.4 million USD. However, no Uzbek investors have invested in Vietnam. Meanwhile, the two countries have strengths in cooperation in areas such as oil and gas, agriculture and textiles; have investment cooperation mechanisms and an increasingly improved investment and business environment.
Therefore, in the coming time, the two sides need to promote and expand bilateral cooperation in areas where both sides have complementary advantages; closely coordinate and support to promote cooperation between Vietnamese and Uzbek enterprises through organizing programs to learn about each side's business and investment environment. "We are not only investing in Vietnam and Uzbekistan but also moving towards investing in the Asian and Central Asian regional markets," the Deputy Minister emphasized.
To further strengthen development cooperation, the Ministry of Planning and Investment will continue to coordinate with relevant ministries and sectors of Vietnam to seek cooperation opportunities and solutions to further promote trade and investment relations between the two countries, especially through the WTO cooperation mechanism. The Ministry of Planning and Investment will also continue to closely coordinate and support to promote cooperation and create a favorable investment environment for investors, including investors from Uzbekistan.
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| Overview of the reception. Photo: MPI |
Deputy Minister of Investment and Industry of Uzbekistan Kasimov Elzat thanked Deputy Minister Tran Quoc Phuong for taking the time to welcome him and for sharing information. He also agreed with the assessment that although the two countries have a cooperation mechanism to facilitate trade development, the achieved speed is not high while the potential and space of the two countries are very large.
Mr. Kasimov Elzat said that in order to strengthen cooperation, the two countries need to establish a joint cooperation group to identify directions for closer cooperation. At the same time, he highly appreciated Vietnam's results within the framework of the WTO and wished to listen to experiences in this matter; he believed that in the coming time, many cooperation opportunities would open up between the two countries, especially in the fields of agriculture, oil and gas, and garment. The two countries will work together to build a specific plan for development, better bilateral cooperation, towards the common development of the two countries./.
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