Latvia Ready To Increase Investments In Uzbekistan Through New Project

7/22/2023 12:11:40 AM

(MENAFN- Trend News Agency) TASHKENT, Uzbekistan, July 22. Latvia has expressed its readiness to boost investments in Uzbekistan through the implementation of an additional project, the construction of a phosphorite processing plant, trend reports.

The announcement was made during a meeting between Kadambay Sultanov, the Ambassador of Uzbekistan to Latvia, and Janis Vilgerts, Chairman of the Supervisory Board at BAO company.

As was noted, preliminary estimates indicate that the construction of the plant is valued at $12 million, all of which will come from direct foreign investments. Vilgerts positively evaluated the significant transformations taking place in Uzbekistan, including the favorable conditions being created for foreign investors in the country.

As a result of the meeting, an agreement has been reached for Vilgerts's visit to Uzbekistan from July 19 through July 21. During the visit, he will meet with representatives of relevant ministries and agencies in the country.

BAO, established in 1995, is one of the major companies in Latvia providing services related to the collection, reliable transportation, and disposal of hazardous waste, with a focus on minimizing environmental damage. Currently, the company is implementing an investment project for the development of phosphorite deposits in Uzbekistan with a total value of $30 million.

Meanwhile, Georgijs Vojevoda, Head of the newly created representative office of the Latvian Investment and Development Agency (LIAA) in Uzbekistan, earlier emphasized the growing interest of Latvian businesses in establishing promising cooperation with Uzbekistan. "This is evident from the decision to open an LIAA representative office in Tashkent," he said.

According to Eurostat data, Latvia ranked 8th among Uzbekistan's main trade partners in 2022, with a turnover of 11.4 million euros.

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