In the first five months of 2019, bilateral trade between the two countries increased by 7.3% compared to the same period in 2018, reaching $ 8.4 million.
Minister Emil Karanikolov discusses boosting economic cooperation with Deputy Prime Minister of Uzbekistan.
Bulgaria and Uzbekistan will intensify their economic cooperation in trade and investment. This was made clear during a meeting in Sofia of Economy Minister Emil Karanikolov with Elor Ganiyev, Deputy Prime Minister of Uzbekistan, the Economy Ministry reports.
The Economy Minister said that in the first five months of 2019, bilateral trade increased by 7.3% compared to the same period in 2018, reaching $ 8.4 million. They both stressed that the current state of economic ties is below the capabilities and economic potential of both countries.
Karanikolov pointed out that the trade between Bulgaria and Uzbekistan in recent years is characterized by a significant predominance of Bulgarian exports, consisting of industrial goods such as medicines, cosmetics, machines and apparatus. In his words, the Bulgarian side will support Uzbekistan’s comprehensive agreement with the EU as well as WTO membership.
The two have agreed to expand interaction between entrepreneurial organizations on both sides, in order to provide more active assistance to interested manufacturers and exporters in the search for partners, establish business contacts, inform each other about the goods sought and offered. The Bulgarian side and Uzbekistan will also take more initiatives to present the export opportunities of both countries and support business contacts through joint participation in exhibitions, business forums, business delegations, presentations, etc., as well as partnership in innovation.
Advance information useful for business
Uzbekistan ranks fourth in the world’s gold reserves. The country produces 80 tons of gold annually, seventh in the world. Uzbekistan’s copper deposits rank 10th in the world and rank 12th in uranium deposits. The country’s uranium production ranks seventh in the world. The Uzbek national gas company Uzbekneftegaz ranks 11th in the world in natural gas production with an annual output of 60 to 70 billion m³. There are significant unused oil and gas reserves in Uzbekistan: there are 194 hydrocarbon fields in Uzbekistan, 98 of which are condensed and natural gas and 96 are gas-condensed.
The largest corporations involved in the energy sector of Uzbekistan are the Chinese National Petroleum Corporation (CNPC), Petronas, the Korean National Petroleum Corporation, Gazprom, Lukoil and Uzbekneftegas.
Uzbekistan is the seventh largest producer in the world and the fifth largest exporter of cotton.
According to HSBC Global Bank forecasts, Uzbekistan is expected to be one of the fastest growing economies in the world (top 26) in the coming decades.
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