International IFPA and Uzbekistan Investment Promotion Agency agreed to develop cooperation in agri-food sector

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International Islamic Food Processing Association (“IFPA”) and Investment Promotion Agency of the Republic of Uzbekistan (“Agency”) held a bilateral meeting to discuss future cooperation.

Established in 2019 by the decree of the President as a subordinate body of the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan, the Agency aims to promote sustainable socio-economic development by attracting foreign investment in priority sectors of the economy and acts as a representative of the Government of the Republic of Uzbekistan in discussing and implementing investment projects.

Mr. Ulugbek Abruev, first Deputy Director of the Agency, conducted a comprehensive and informative presentation about strategic tasks and directions of the Agency, and he especially noted that: “as the primary interface to attract and facilitate investments, the Agency strives to develop cooperation with IFPA to enhance connections and strategic partnerships in the investment of the wider food supply chain and further development of export markets between businesses and food companies of intra-OIC countries for the benefit of Uzbekistan.”

The Director General and CEO of IFPA, H.E Sheikh Bilal Khan, remarked: “I welcome this important initiative for collaboration on activities and projects in supporting agri-food investors via the Agency for the Uzbek market which has a potentially huge pipeline of investment projects where IFPA can add value through its OIC-wide network for Shariah structuring, Sukuk listing, Islamic investment funds and other Islamic instruments. The joint efforts of IFPA and the Agency will promote all relevant agri-food projects of Uzbekistan vis-à-vis the OIC member states and thus increase the intra-OIC trade competitiveness.”