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Austria, Uzbekistan to boost economic cooperation

Vienna, December 04, 2023, The Europe Today: Vienna hosted the 8th meeting of the Uzbekistan at the Austrian Intergovernmental Commission for Trade and Economic Cooperation and Business Forum.

The events were attended by the Deputy Minister of Investment, Industry and Trade of the Republic of Uzbekistan Badriddin Abidov, Director General for Economic Affairs, Innovation and International Policy at the Federal Ministry for Labor and Economy of Austria Florian Frauscher, Vice President of the Austrian Federal Economic Chamber Philip Gady, heads of relevant ministries and agencies, and over 100 representatives of the business community of both countries.

The meeting participants discussed developing bilateral trade, economic, investment, and industrial cooperation issues. The Austrian side noted the high interest of its companies in the Uzbekistan market due to reforms and a favorable investment climate in the country.

The presence of untapped opportunities for the development of multifaceted cooperation was emphasized. Particular attention was paid to mechanisms for attracting investment, the development of all-season tourism, the introduction of green technologies, interaction in alternative energy, mining, modernization of infrastructure and railways, medical equipment supplies, livestock farming, and others. The Austrian side put forward more than 20 proposals for the development of cooperation in the specified industries.

Following the discussions, B2B and G2B meetings, an action plan was developed for developing trade, economic, and investment cooperation, including a system monitoring mechanism for implementing assigned tasks. The document also reflects a mechanism for monitoring the execution of the agreements reached.

Negotiations took place with the heads of large Austrian companies. A constructive exchange of views made it possible to reach agreements on implementing joint projects in healthcare and pharmaceuticals, production of fire-resistant glass, and insulating materials.

Austrian companies are highly interested in cooperating with Uzbekistan and are willing to invest in promising joint projects in various economic sectors.