Uzbekistan-Singapore Chamber of Commerce to be established

On January 16 of this year, on the eve of the state visit of the President of the Republic of Uzbekistan, an Uzbekistan-Singapore business forum was held in Singapore aimed at comprehensively strengthening business relations between entrepreneurs of the two countries.

Singapore is a country located at the crossroads of the world’s major trade and sea routes, including the main sea route between India and China. Today, Singapore has 9 free economic zones that provide goods storage and re-export services.

Over the years, Singapore has built a huge network of 27 international deals. These agreements include, in particular, free trade agreements with China, Korea, Australia, New Zealand, India, Japan, Peru, Turkey, the United States, Canada, Mexico, ASEAN (Association of Southeast Asian Nations), the European Union, and the countries of the Persian Gulf.  

At the same time, according to Singapore’s customs regulations, Uzbekistan has the right to import more than 5,200 goods duty-free. However, despite existing opportunities, cooperation in the field of trade is not at the level of existing potential. One of the reasons for this is the lack of a platform for businessmen of the two countries to develop mutual trade.

Taking into account the above, within the framework of the business forum, the Chamber of Commerce and Industry and a number of local organizations signed an agreement with the Singaporean company Oceanus Group on the establishment of the Uzbekistan-Singapore Chamber of Commerce.

Among the founders of the established Uzbekistan-Singapore Chamber of Commerce are the Chamber of Commerce (coordinator), the Export Promotion Agency under the MIFT of the Republic of Uzbekistan, Uzsanoateksport JSC, Uztuqimachiliksanoat association, Global Export Company LLC, and BMB  Trade Group LLC.

The aim of the Uzbekistan-Singapore Chamber of Commerce is to develop trade and investment opportunities of Uzbekistan in Singapore and ASEAN countries.

At the first stage of cooperation, the parties agreed to organize the export of legumes, processed fruits and vegetables, nuts and chicken meat from Uzbekistan to the markets of Singapore, China and ASEAN countries.

In the second stage of cooperation, the Singaporean company plans to invest and attract investment to Uzbek exporters in order to expand their activities and increase the export volume by increasing the quality of their products.