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Outcomes of the Tenth International Industrial Fair and Cooperation Exchange have been summed up

The measures directed at the modernization of capacities and establishment of production of new goods have been underway in the domestic industry, making a positive effect on the competitiveness of the national economy in an open market. Cooperation among enterprises of the real economy and small businesses remains as the key mechanism to achieve these objectives, as it was noted by participants of the International Industrial Fair and Cooperation Exchange (IIFCE) that wrapped up recently in the capital Tashkent.

Today, the real sector of the Uzbek economy faces a crucial challenge of shifting to a new model of industrial production, which is based on innovative development. This is namely the main mission of the International Industrial Fair and Cooperation Exchange, which has been held for the tenth time. It aims to bring together the foremost domestic and international companies, representatives of research institutions, design bureaus and small businesses on one platform to generate new ideas and discuss joint initiatives and projects.

The effectiveness and necessity of this platform can hardly be overestimated. There is a simple corroboration: successful businesspeople never waste time for things that scarcely produce benefits. Hence, the annual dynamics of the number of participating enterprises and companies speaks for itself.

Thirteen regional fairs this past March and June were attended by more than 5,000 industrial enterprises. They signed contracts for product supply and industrial cooperation for a total of over one trillion soums (currency rates of CB RU from 14.11.2016, 1$= 3120.51 soums). The participants took interest in the mining machinery and hardware, mini-tractors for gardening farms, power generators, medical equipment, high-quality oil and ceramic goods.

On the second stage, more than 3,000 domestic enterprises, companies and organizations that specialize in engineering, automotive, electrical, construction, metallurgy, chemical, oil and gas, food processing, light industries and pharmaceuticals presented more than 22,000 titles of finished products, components and materials. In excess of a thousand presented goods were produced on the basis of localization programs.

Procurement contracts worth 11.8 trillion soums and export agreements for $8.3 billion were signed at last year's forum owing to favorable opportunities for mutually advantageous contracts. In 2016, the number of procurement deals has grown by almost 1.16 times, suggestive of the increasing demand in the world for the goods manufactured in Uzbekistan.

It is noteworthy that this year the IIFCE organizers have attached significance to the information support of its exhibitors. They organized expert consultations at standardization and certification-related ministries and agencies, banks, insurance and leasing companies and organizations. This is a very important step because many companies that embark on innovative projects today face a lack of information on how to process a loan, register a product, and pass a certification procedure for exporting their goods.

In addition to its major mission, IIFCE performs another crucial assignment. It contributes to the creation of a market infrastructure for building and expansion of long-term economic relations, provides enterprises with access to the feedstock and loan resources. This is the reason behind the constant increase in the number of production localization projects ever since the launch of IIFCE in the country, and particularly in the regions. In the first nine months of 2016 alone, manufacture of over 50 new types of industrial goods has been developed under the localization program, including petrochemical equipment and spare parts for conveyor machines, valves, vehicle speedometers, electric, electric storage water heaters, fitness equipment, children's bicycles and scooters, and other finished goods.

The output of localized products in January-September exceeded 4 trillion soums with 1.5 time increase year on year (YOY). The estimated effect of import substitution reached US $1.3 billion.

(Source: «Uzbekistan Today» newspaper)