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China, Uzbekistan Sets Up First Joint Venture in China
China and Uzbekistan established their first joint venture, the Uzbek Market Co., Ltd., Friday in Beijing in an effort to strengthen the two countries' economic links.
The Shanghai-based new joint venture is a result of joint efforts from six Uzbekistan companies, including an exchange center for goods and material, an auto industry corporation and a chemical industry corporation, and Chinese companies.
Shenli Group based in central China's Henan Province and the Chinatex Non-Cotton Yarns and Fabrics Import and Export Corporation are the Chinese shareholders of the joint venture.
Akrom Muhidov, chief of the Uzbek Foreign Economic Coordination Department, said the founding of the joint venture will help expand trade between China and Uzbekistan, and rejuvenate "the glorious 'Silk Road'" that linked the two countries for centuries.
"It is a historical event, and will inject new vigor to the development of bilateral relations," said Muhidov.
He said Uzbekistan is willing to further expand cooperation with China in diverse sectors including farm produce processing, chemical industry, electronics, mechanics, food processing, light industry, machine building, aviation, telecommunications and tourism.
Chinese statistics show that Sino-Uzbek trade volume reached 24.40 million US dollars during the first half of this year, up 11.3 percent over the same period last year.
A fair displaying Uzbek commodities also opened today.
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