Singapore, Uzbekistan to strengthen cooperation in areas such as food security, digitalisation

SINGAPORE and Uzbekistan will exchange a memorandum of understanding (MOU) during the state visit of Uzbekistan President Shavkat Mirziyoyev, Singapore’s Minister for Trade and Industry Gan Kim Yong said on Monday (Jan 16).

The two countries will look at fostering economic cooperation in “areas of mutual interest” such as education, food security, digitalisation, logistics, and urban planning. The ceremonial exchange of the MOU on Jan 17 follows the signing of the MOU on Jan 16.

Gan made the announcement at the Singapore-Uzbekistan Business Forum, co-organised by the Singapore Business Federation (SBF) and the Embassy of the Republic of Uzbekistan.

At the event, 18 MOUs were signed between Singapore and Uzbekistan companies for collaborations ranging from capacity-building in traditional sectors such as transport and logistics, to new areas such as renewable energy.

Singapore’s trade relations with Uzbekistan have been growing. Uzbekistan was the Republic’s second largest trade partner in Central Asia in 2021, with goods traded between both countries amounting to S$380 million. Said Gan: “We would like to see this grow further.”

In February 2020, a Singapore delegation comprising MTI, Enterprise Singapore and the SBF visited Tashkent and Samarkand in Uzbekistan, with tourism companies from Singapore that wished to build partnerships with Uzbekistan’s hospitality industry.

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Unfortunately, initiatives in this sector “were paused” due to Covid-19, noted Gan. But both countries maintained good relations and pivoted to another initiative: importing dried fruit from Uzbekistan, which helped Singapore diversify its supply chain partnerships and strengthened bilateral relations.

“With Uzbekistan on its way to acceding to the WTO (World Trade Organization), Uzbekistan will soon be part of the international trading system that will open up even more opportunities and links globally,” said Gan, adding that Singapore supports Uzbekistan’s WTO accession.

Gan noted that Uzbekistan’s economic growth is among the fastest in Central Asia, supported by “fast-paced market reforms”, increased foreign participation in the private sector, and the privatisation of state-owned enterprises.

Uzbekistan has “natural qualities and characteristics for business”, he added: strong macroeconomic foundations; sustained growth; a large domestic market of 34 million people, with a young population and rising middle-class; and abundant natural resources. It also has a strategic location between Europe and Asia.

“With diversification becoming increasingly crucial amidst global challenges, it is important for companies to look for up and coming markets to operate in or do business with,” said Gan. “Uzbekistan is one possibility to explore.”

President Mirziyoyev is in Singapore from Jan 16 to 18 in his first state visit to the Republic. Apart from receiving a ceremonial welcome at the Istana on Jan 17, he will separately meet Prime Minister Lee Hsien Loong and Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat.