BAKU, Azerbaijan, August 29. Uzbekistan and
Singapore have agreed to launch negotiations on establishing a free
trade regime and signed a series of bilateral documents covering
special economic zones and food production, as the two countries
seek to expand trade and investment ties.
This was reflected in the statement by the Ministry of
Investment, Industry and Trade of Uzbekistan.
Uzbekistan’s Investment, Industry and Trade Minister Laziz
Kudratov attended the signing ceremony held during Singapore Senior
Minister Lee Hsien Loong’s visit to Uzbekistan.
The two sides signed a document initiating negotiations on
establishing a free trade regime between Uzbekistan and Singapore.
The initiative is expected to create new opportunities to expand
bilateral trade and improve market access for businesses in both
countries.
The agreements also strengthened cooperation with Singapore
Cooperation Enterprise on the development of special economic
zones. The partnership will draw on Singapore’s experience and
expertise in designing and managing such zones.
“Launching negotiations on a free trade regime provides an
additional framework for expanding trade and improving access to
each other’s markets,” the sides said, highlighting the broader
potential for economic cooperation.
A separate agreement was signed in the food industry with the
participation of Singapore-based Wilmar International and Indorama.
The project envisages establishing vegetable oil production and
processing facilities in Uzbekistan’s Tashkent region, followed by
the development of the feed base and poultry industry.
The projects are expected to deepen industrial cooperation and
create additional opportunities for value-added production in
Uzbekistan.
The signing ceremony marked another step in efforts to translate
growing Uzbekistan-Singapore economic ties into concrete trade and
investment projects.
