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    Uzbekistan

    Uzbekistan and UAE unveil investment plans, charting new era of economic collaboration

    Uzbekistan and UAE unveil investment plans, charting new era of economic collaboration

    In a series of high-level meetings and negotiations, Uzbekistan and the United Arab Emirates (UAE) have underscored their commitment to strengthening trade and economic cooperation, as well as initiating ambitious investment projects in various sectors. The Minister of Investments, Industry, and Trade of the Republic of Uzbekistan, Laziz Kudratov, played a pivotal role in these discussions, which also involved representatives from the UAE, Iran, and the United Nations Conference on Trade and Development (UNCTAD).

    Uzbekistan and UAE unveil investment plans, charting new era of economic collaboration
    Photo: Uzbekistan and UAE unveil investment plans, charting new era of economic collaboration 
    Source: Government portal of the Republic of Uzbekistan

    Discussions during these meetings encompassed the current state and future prospects of economic cooperation, with a focus on investment projects in green energy, transport logistics, infrastructure, agriculture, tourism, healthcare, pharmaceuticals, aviation, and education.

    Uzbekistan and UAE unveil investment plans, charting new era of economic collaboration
    Photo: Uzbekistan and UAE unveil investment plans, charting new era of economic collaboration 
    Source: Government portal of the Republic of Uzbekistan

    Key highlights from these negotiations include:

    • Renewable Energy Projects: Uzbekistan is set to embark on the construction of new wind, solar, and hydropower plants in collaboration with the UAE, fostering a sustainable and green energy future.
    • Interconnected Logistics Infrastructure: The possibility of attracting Emirati companies to create an interconnected logistics infrastructure, including joint warehouses in both Uzbekistan and the UAE, was explored. This initiative is expected to enhance trade and facilitate the efficient movement of goods.
    Uzbekistan and UAE unveil investment plans, charting new era of economic collaboration
    Photo: Uzbekistan and UAE unveil investment plans, charting new era of economic collaboration 
    Source: Government portal of the Republic of Uzbekistan
    • Free Trade Agreement: Preparations for signing the Intergovernmental Economic Cooperation Agreement (SEPA) were discussed with the Minister of Foreign Trade, Thani bin Ahmad Al-Zayudi. SEPA will promote a free trade regime for goods and services, thereby further bolstering bilateral trade.
    • Investment Environment: The UAE's Minister of Investments, Muhammad Al-Suwaidi, lauded Uzbekistan's favorable investment climate and expressed a keen interest in enhancing bilateral trade, economic, and investment cooperation. Joint large-scale projects in agriculture and alternative energy are on the horizon.
    Uzbekistan and UAE unveil investment plans, charting new era of economic collaboration
    Photo: Uzbekistan and UAE unveil investment plans, charting new era of economic collaboration 
    Source: Government portal of the Republic of Uzbekistan
    • UNCTAD's Support: Discussions with Rebecca Greenspan, the Secretary-General of UNCTAD, revolved around improving the investment climate, simplifying trade procedures, and expanding e-commerce. Additionally, the UNCTAD will be assisting Uzbekistan in its bid to join the World Trade Organization (WTO).

    These discussions led to the development of a comprehensive "Roadmap" for joint projects aimed at expanding Uzbekistan's foreign economic potential and promoting economic liberalization in the country.

    Uzbekistan and UAE unveil investment plans, charting new era of economic collaboration
    Photo: Uzbekistan and UAE unveil investment plans, charting new era of economic collaboration 
    Source: Government portal of the Republic of Uzbekistan

    The visit also included a meeting with Ahsan Khandouzi, the Minister of Economy and Finance of the Islamic Republic of Iran. This meeting focused on ongoing joint projects between Uzbekistan and Iran's business sectors and explored further measures to develop trade-economic and investment cooperation.

    Moreover, the heads of several prominent UAE companies, including SWS, Orascom Holdings, Homepital, Burjeel Holding, YAS Holding, Metito, IHC, Fertiglobe, Tadweer, Masdar, TAQA, and AMEA Power, were engaged in talks, discussing the practical aspects of ongoing projects and ways to expedite their implementation. Concrete measures for the development of new large-scale investment initiatives were identified in areas such as tourism, infrastructure development, healthcare, energy, the chemical industry, and the privatization of state-owned enterprises.

    Uzbekistan and UAE unveil investment plans, charting new era of economic collaboration
    Photo: Uzbekistan and UAE unveil investment plans, charting new era of economic collaboration 
    Source: Government portal of the Republic of Uzbekistan

    The outcomes of these meetings reflect the UAE government's and business circles' strong interest in advancing joint projects in Uzbekistan. The near future will see the organization of visits by UAE company delegations, which will help prepare detailed project documents and kickstart these promising collaborations.

     

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    20.10.2023, 10:03   Comments (0)   1701
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