Uzbekistan and Vietnam to bring mutual trade up to $100 mil in 2018; Uzbekistan to manufacture textile products under Zara, Nike, Adidas brands; Single center for promotion of investors established in Tashkent; IFG Capital signs Uzbek tungsten agreement; “Uzpromstroybank” and Credit Suisse signed a loan agreement for the amount of 100 million euros.
The seventh meeting of the Uzbek-Vietnamese Intergovernmental Commission for Trade-Economic and Scientific-Technical Cooperation was held in Tashkent on July 23.
In the first half of 2018, the volume of mutual trade increased more than 2.5 times and amounted to about $ 30 million. Analysis shows that today there are all the reserves and prerequisites for bringing the volume of bilateral trade to $ 100 million already this year.
Arnasoy Gold Tex, an Uzbek textile company, is planning to establish manufacture of products under the Zara Home Collection and Tac Home brands in the territory of Uzbekistan.
Also, it is planned to sign contracts with the world famous brands Nike and Adidas for production of sportswear. This news will be a real gift for football fans, especially now that Uzbekistan is actively developing this branch of sports and physical culture in general.
The single center for assistance to investors in the development of new projects will be established under the city administration. All questions concerning the acquisition of permits, the allocation of land plots for construction, as well as controversial issues with the district utility services will be considered.
Each investor will be able to choose a particular project and invest money in it. In addition, one of the main principles of public-private partnership in the field of investment will be social orientation, emphasis on the urban beautification, expansion in the number of parks and green areas.
IFG Capital Partners SA (“IFG”) has signed an agreement with the State Committee of the Republic of Uzbekistan on Geology and Mineral Resources (“GOSCOMGEOLOGY”) to conduct a feasibility study on the development of the Yakhton tungsten deposit in the Samarkand region of Uzbekistan. Should the study prove positive, IFG will also organise the industrial development of the deposit. IFG expects to start the first phase of the study immediately.
Loan agreement was signed in Zurich for a total amount of 100 million euros. The signed inter-bank agreement is aimed at supporting large businesses in Uzbekistan to implement investment projects
Financing is provided for up to 10 years under insurance coverage of export insurance agencies, including Euler Hermes, Serv, Sace and others.