President Shavkat Mirziyoyev has given legal force to an intergovernmental agreement with the Italian Republic aimed at the mutual promotion and protection of capital investments. This step finalized the ratification process for the document that began this spring.
This strategically significant agreement was signed on May 29 in Samarkand during high-level official events. Coming into legal force on October 31, the agreement creates a solid legal basis for Italian investors in Uzbekistan, as well as for Uzbek businesses in Italy.
The main objective of the document is to form the most favorable and predictable environment for investments and to ensure the reliable protection of the rights of investors from both countries. The Ministry of Investments, Industry and Trade of the Republic of Uzbekistan has been designated as the responsible authority for the implementation and coordination of this international agreement.
This ministry will monitor the implementation of the agreement and assist in resolving issues encountered by investors. The agreement is part of a broader strategy to deepen economic cooperation between Tashkent and Rome.
In recent years, the volume of trade between the two countries has nearly tripled, and the number of joint ventures has doubled. The ratification of the agreement is expected to give new impetus to the attraction of Italian technology and investment in Uzbekistan's priority sectors, such as metallurgy, energy, agriculture, and electrical engineering.
The trade and economic relations between the two countries have a long history, but they entered a new stage of development after Uzbekistan obtained the status of a beneficiary country under the European Union's "GSP+" preferential system in 2021. This significantly facilitated the export of Uzbek products to the Italian market.
