OREANDA-NEWS. July 27, 2012. The UK has less than one percent of the world’s population, but is the seventh largest economy in the world and the world’s leading financial sector. The British Government is on a drive to encourage UK businesses to increase exports of goods and services to emerging markets, particularly to the world’s fastest developing economies. More British companies are now starting to explore opportunities and to invest in the former Soviet Union states, including Uzbekistan. Today we talk to Mr Rupert Joy, Her Majesty’s Ambassador to the Republic of Uzbekistan, who has kindly agreed to answer questions concerning trade and economic cooperation between Uzbekistan and the UK.

Kommersant.Uz: Ambassador, what’s the trade turnover between our states? Is there potential for an increase in these indicators?

Rupert Joy: The trade turnover between our countries in 2011 was about USD 110 million. UK exports to Uzbekistan totaled USD 61.3 million and Uzbek imports to the UK totaled USD 48.5 million. In my view, these figures are much too low. There is huge unrealized potential in our bilateral trade relations. The UK is a world leader in education, high-tech engineering, design, creative industries and financial services. And Uzbekistan has much to offer UK companies. I believe that both the UK and Uzbekistan need to work harder to build closer business links.

My Embassy has an important role to play in that. There are three things that we have been trying to do during the past few years. First, the Embassy established a Commercial Diplomacy Section in November 2010 to help boost trade and to assist our companies in doing business in Uzbekistan. Second, we have been working to increase the frequency of trade missions and other business-related visits in both directions. Third, we are seeking to make businessmen in both countries more aware of the opportunities, by raising the profile of British business in Uzbekistan and by encouraging UK businesses to look at the Uzbek market.

Kommersant.Uz: How many joint ventures and representative offices of the British companies are currently operating in the Uzbek market?

Rupert Joy: There are dozens of companies with British capital that are doing business in diverse sectors of the Uzbek economy. Some of the best-known companies which have their representative offices here are Tethys Petroleum (oil production), Rio Tinto (mining), ITE (exhibitions), WorleyParsons (engineering), GlaxoSmithKleine (pharmaceuticals), BAT (tobacco), SNR Denton (legal counselling), Wakefield Inspection Services and UzIntertek Testing Service (inspection services), Westminster International University Tashkent and the British School of Tashkent. Many of them have been working in the local market for years, are recognized leaders in their field and have excellent business reputations among Uzbek customers.

I would like to stress that British companies are not in Uzbekistan for short-term profit.

They see themselves as long-term partners for development, which is exactly the right approach to business in an increasingly competitive world. UK companies understand that there is an important balance to be struck between the returns they make from their investments and the sustainable benefits they bring to the societies in which they invest. They are committed to building a strong reputation through bringing high-tech methods of production and training. They take their corporate social responsibilities seriously, working with communities on educational, environmental and social projects.

What benefits can the local market offer for the British investors and what sectors of the Uzbek economy are attractive for them?

Uzbekistan has great economic potential and a number of competitive advantages that are attractive to foreign investors. With its key geostrategic position, skilled workforce, the largest domestic market in Central Asia, wealth of raw materials and low operating costs, your country could have a remarkable future. I am convinced there are emerging opportunities for British companies here, in diverse sectors of the Uzbek economy such as oil and gas, mining, energy, engineering, construction, education, pharmaceuticals, agriculture, finance, banking and insurance.

Kommersant.Uz: What are the prospects for bilateral trade and economic relations development?

Rupert Joy: The UK is already a significant source of foreign investment in Uzbekistan. Our priority should be to build trade. I think we are doing the right things to create the conditions for progress. For instance, in December 2010 HRH Prince Michael of Kent led the largest UK trade delegation ever to visit Uzbekistan. In November 2011 HE Mrs Galina Saidova, Minister of Economy, led an Uzbek delegation consisting of leading companies such as Uzkimesanoat (chemicals), Uzpharmsanoat (pharmaceuticals), Uzbekneftegaz (oil and gas), NBU, Uzbektourism and Uzinfoinvest, to London.

The Uzbek-British Trade & Industry Council (UBTIC), established in 1994, is the key tool for promoting trade and economic relations. UBTIC holds annual alternate sessions in London and Tashkent. I hope that the 19th session of UBTIC, scheduled to be held in the second half of 2012 in Tashkent, will take business links between Britain and Uzbekistan to a new level and lead to the conclusion of mutually beneficial contracts.

Kommersant.Uz: Ambassador, you are completing your diplomatic mission in Uzbekistan soon. What could you say about the time you have spent in this country?

Rupert Joy: I have been working for more than three years in your beautiful country. During this time I have been lucky enough to visit almost every region of Uzbekistan and get to know something of your amazingly rich history and cultural heritage. I have been impressed by so many things here, not least your admirable and hardworking people. I am sure that this country has a great future. I will take with me many happy memories when I leave. I wish Uzbekistan stability and prosperity.