Representatives of 30 leading German companies and banks – ThyssenKrupp, Metro, MAN, Takraf, Klaas, Papenburg, Falk Porsche Technik, Knauf, Deutsche Bank, Commerzbank, Landesbank and others – took part in a videoconference meeting with the Uzbek Ministry of Investments and Foreign Trade on April 8.

Photo: MIFT

Sardor Umurzakov took part in the videoconference, representing the Government of Uzbekistan, while the Board Chairman of Mangold Consulting, Klaus Mangold, represented German investors.

According to the press service of the ministry, during the negotiations, the German side was informed about measures Uzbekistan is taking to mitigate the negative impact of the coronavirus pandemic and the global economic crisis, and about targeted support of investment projects.

“German entrepreneurs expressed interest in continuing the development of their business in Uzbekistan despite the adverse external factors caused by the spread of the virus. We also actively cooperate with German banks, such as Commerzbank, Landesbank – the funding is allocated to implement private projects in the textile sector, agriculture and the construction materials industry,” the press service said.

The parties reached an agreement on the mastering of German direct investments in the economy of Uzbekistan in the amount of 1.1 billion euros, planned for 2020.

The sides also agreed on developing a mechanism for close cooperation with German entrepreneurs that implement investment projects in Uzbekistan. This includes targeted work with each investor involving responsible government agencies coordinated by the Ministry of Investment and Foreign Trade.