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Uzbekistan and Singapore to Expand Economic Exchange(Uzbekistan, Singapore)

Jan. 23, 2023.

Uzbek President Shakhkat Mirziyoyev made his first official visit to Singapore on January 17, meeting with President Halima Yacoub and Prime Minister Lee Hsien Loong.

As a result of the meeting, eight documents were exchanged in the areas of transportation, education, health care, and civil service training. In particular, an agreement signed between Uzbekistan's Ministry of Transport and Singapore's Ministry of Transport included the development of airports, digitization of public transport, construction of a transport and logistics center in Uzbekistan, and training of Uzbek transport specialists (Uzbekistan Ministry of Transport website, January 16).

President Mirziyoyev requested the participation of Singaporean companies in the privatization of state-owned enterprises in Uzbekistan. In this connection, Uzbekistan's State Assets Management Agency announced that it has agreed to sell the state's 99.02% stake in Fergana Azot, Uzbekistan's leading nitrogen fertilizer manufacturer, to Singapore capital Indorama for $140 million, and that the company will also invest $100 million to modernize its production facilities The company also announced that it had agreed with Indorama to invest $100 million in modernizing its production facilities. Uzbekistan is expected to implement legal reforms to secure the supply of natural gas, a raw material for nitrogen fertilizer, and to liberalize the sale of chemical products, after which the signing of the share transfer agreement is expected to be completed. Indorama has a wide range of business operations in Uzbekistan, including in the fertilizer and textile fields.

In addition, at the Uzbekistan-Singapore Business Forum held on January 16, the day before Mirziyoyev's official visit, 22 agreements worth a total of $5 billion were reportedly signed in the areas of chemicals, energy, textile industry, industrial parks, infrastructure projects, food production, construction, pharmaceuticals, health, and education The report states that 22 agreements worth a total of $5 billion were signed.


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