German companies promised perks for investing in Uzbekistan, Kazakhstan

By Muzaffar Ismailov in Tashkent October 20, 2023

German businesses will be eligible for investment guarantees when investing in Central Asia, Deutsche Welle has reported.

Germany has included Uzbekistan and Kazakhstan in its list of 34 states with which the government will encourage economic cooperation through preferential investment guarantees.

"Those destination countries that have good prerequisites for German enterprises, but have so far enjoyed their attention to a lesser extent, will be encouraged," the German economy ministry said.

This is seen as a move to reduce dependence on China by making it attractive for German companies to work in alternative markets.

The economy ministry has also changed the rules for providing guarantees to German enterprises that issue loans for projects for the development of foreign mineral deposits. Until now, benefits were provided only directly for the extraction of raw materials, while now they also apply to mineral processing.

Deutsche Welle noted that the expanded loan guarantee mechanism would be of interest to Uzbekistan and Kazakhstan, which are rich in natural resources.

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