The Bulgarian-Uzbek Intergovernmental Committee for Economic and Scientific Cooperation concluded its first working session

The Bulgarian-Uzbek Intergovernmental Committee for Economic and Scientific Cooperation concluded its first working session by the signing of a protocol by the Committee Co-Chairs, Bulgaria’s Minister of Regional Development and Public Works Valentin Tserovski and Uzbekistan’s Vice Premier and Chairman of the External Economic Relations Agency Eler Ganiev. The Committee met in the Boyana State Residence near Sofia on 22–23 November 2003. The Committee’s first working session discussed measures in the fields of trade, investment, tourism, agriculture, regional development, construction and construction materials, transport, communications and scientific cooperation. After the meeting, Minister Tserovski announced plans for a Cooperative Agreement between the Bulgarian Trade Promotion Agency and the Uzbek External Economic Relations Agency. Working contacts will be established also between the Bulgarian Export Insurance Agency and its Uzbek counterpart. In the field of tourism, a Cooperative Agreement is ready to be signed between the Bulgarian Association of Travel Agencies (BATA) and UzbekTourism. Uzbekistan’s National Company and the Bulgarian Veno Holding signed a protocol on the establishment of a joint venture for the development of a health and wellness tourism centre; and a bilateral cooperation agreement was signed with the Bulgarian ALMA-Tour company. In the field of transport, there are plans to increase ferryboat traffic on the Varna-Ilichevsk-Poti/Batoumi line and along the TRASECA (Europe-Caucasus-Asia) transit corridor. The Protocol calls for a regular exchange of information concerning construction tenders to promote the participation of Bulgarian and Uzbek companies. Assistance will be provided with the establishment of joint construction companies and construction materials manufacturing. Trade between the two countries is at a rather low level that does not correspond to their respective states of economic development, said Mr. Ganiev. In 2002, the trade volume between Bulgaria and Uzbekistan amounted to 4.9 million US dollars. The enormous trade potential remains underutilised for two reasons: the lack of reliable information and the high transportation costs, commented Minister Tserovski, adding that the latter often exceed cost prices. A positive contribution to the enhancement of economic relations is expected from the 27 joint ventures and the four wholly Bulgarian companies operating in Uzbekistan. After the Committee’s working session, Mr. Levon Hampartsumian, Executive Director of Bulbank, and Mr. Zainoutdin Mirhodzhaev, Executive Director of the Uzbek National Bank for External Economic Development, signed a memorandum of cooperation between the two financial institutions. The next meeting of the Integovernmental Committee will be held in Tashkent in 2004. [Caption] Minister Valentin Tserovski and Mr. Eler Ganiev sign the minutes of the First Bulgarian-Uzbek Intergovernmental Committee for Economic and Scientific Cooperation Public Relations and International Cooperation Directorate