- Region: Asia
- Machinery and Equipment
- Manufacturing and Services
April 26, 2010
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 today signed a Memorandum of Understanding (MOU) for operational cooperation with the National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU), an entity wholly owned by the government of Uzbekistan.
- The objective of the MOU is to explore cooperative efforts between JBIC and NBU in facilitating Japanese firms' involvement in export and investment projects in Uzbekistan. Specifically, the MOU sets forth that both parties shall exchange information and views more closely and look into the possibility of financing for projects in which Japanese companies are engaged in Uzbekistan, including those in the Navoi Free Industrial Economic Zone, the country's first special economic zone currently under development by the Uzbek government.
- Endowed with abundant natural resources such as natural gas and gold, and riding on exports of its traditionally competitive textile industry, Uzbekistan has recorded robust economic growth in recent years. On the other hand, industry diversification is an important national agenda item. The signing of this MOU is expected to help boost Japanese industries' exports to and direct investments in Uzbekistan, a country with high growth potential, and to eventually contribute to stronger ties between the two countries.