EUROUZ’s Shaykhov: Shaping a New Era of EU-Uzbekistan Economic Growth
The 2024 European Economic Days in Uzbekistan, held on November 6 by the European-Uzbek Association for Economic Cooperation (EUROUZ), convened over 300 participants, including government officials and private sector leaders, to explore economic opportunities between Uzbekistan and the European Union (EU).
Trade turnover between Uzbekistan and the EU increased by an impressive 36% in the first ten months of 2023, reaching approximately $5 bln. This rise highlights the growing interest in areas such as investment and sustainable resource management, solidifying Uzbekistan’s role as a significant trade partner for the EU.
EUROUZ plays a key role in this dynamic, helping align EU-Uzbekistan trade and investment interests to capitalize on emerging market opportunities.
EUROUZ’s mission in expanding EU-Uzbekistan economic relations
According to Oybek Shaykhov, Secretary General of EUROUZ, the organization has rapidly built a network of over 80 member companies focused on developing EU-Uzbekistan trade partnerships. EUROUZ supports official delegations and companies, guiding them in understanding market conditions and formulating entry strategies in Uzbekistan.
The delegations from Latvia, Lithuania, Finland, and Kazakhstan participated in the European Economic Days, illustrating the event’s expanding influence as a platform for dialogue. Shaykhov emphasized EUROUZ’s dual mission of facilitating European business operations in Uzbekistan and assisting Uzbek companies in reaching EU markets.
«Our mission is to enable both European and Uzbek companies to capitalize on mutual opportunities,» Shaykhov said to Kursiv’s Uzbekistan reporter.
Challenges and opportunities for Uzbek companies in the EU market
Despite recent growth, Uzbek companies face challenges in gaining full recognition within the EU as reliable suppliers of high-value-added products. Sectors such as aluminium and copper products, which are integral to industries like automotive, remain underrepresented. Shaykhov believes that the country’s position in the European market will strengthen as Uzbekistan’s capabilities become more widely known, especially under the EU’s Generalised Scheme of Preferences Plus (GSP+).
He remarked that the GSP+ framework, which allows preferential access for certain Uzbek goods, could be pivotal in reshaping perceptions and accelerating trade expansion.
Annual European Economic Days: a hub for strategic partnerships
Originally launched in Brussels in 2022, the European Economic Days have grown significantly each year, with Tashkent hosting the 2024 event, attended by over 400 participants un two days. Oybek expressed optimism about the future of this annual event, noting its role in facilitating enduring EU-Uzbekistan economic cooperation.
As the event continues to gain traction, EUROUZ aims to make Tashkent the recurring host city, strengthening Uzbekistan’s role as a strategic gateway for European investment in Central Asia.
Looking ahead: a strategic EU-Uzbekistan partnership
Discussing the future of EU-Uzbekistan relations, Shaykhov mentioned recent statements by EU Commission President Ursula von der Leyen and Uzbekistan’s president, both of whom emphasized the growth potential in EU-Uzbekistan economic ties.
According to Henrik Hololei, Hors Class Adviser European Union’s International Partnerships, the past three years have witnessed more progress in EU-Uzbekistan cooperation than the previous three decades combined.
This accelerated development can be partially attributed to the shifting geopolitical landscape, particularly the ongoing Russian-Ukrainian war, which has pushed the EU to diversify its trade and investment relationships in Central Asia.
As the EU seeks to reduce its reliance on Russia, Uzbekistan has emerged as a key partner, benefiting from its stable position in the region and its growing economic capabilities. Central Asia, especially Uzbekistan, is becoming increasingly important in the EU’s strategic economic expansion, a trend Shaykhov sees accelerating in the coming years.
