Azernews.Az

By Kamila Aliyeva

Germany remains one of the main trade and economic partners of Uzbekistan in Europe. The mutual trade turnover between Germany and Uzbekistan for 2016 amounted to $520.1 million.

Germany took the 7th place in the overall commodity turnover of Uzbekistan with other countries in 2016, the German embassy in Tashkent reported on September 15.

German Ambassador Nighthart Hofer-Wissing, who is completing his diplomatic mission in Uzbekistan, noted that Germany supports the policy of President Shavkat Mirziyoyev.

"Our countries do not use the full potential of economic cooperation," he said, adding that 25 years ago the volume of trade between Germany and Uzbekistan amounted to $1 billion.

The main indicators of mutual trade turnover, according to the envoy, fell for Germany’s part (almost 90 percent).

He added that the main reasons for the low turnover growth rates are conversion, bureaucratic obstacles and legal security.

Although recently the problems with currency conversion in Uzbekistan have been solved, thanks to the reforms of Mirziyoyev, but "the state is still playing a big role in the economic life of the country," Hofer-Wissing stressed.

As many as 123 enterprises operate in Uzbekistan with the participation of German companies, capital and advanced technologies.

Large investment projects involving German banks are being implemented in various sectors of the economy. Investment projects for a total of more than 1 billion euros have been implemented in Uzbekistan jointly with German leading companies.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

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