A Memorandum of Understanding (MoU) was officially signed between the Ministry of Energy of Uzbekistan and the Ministry of Investments, Industry, and Trade, in collaboration with the Ministry of Investments of the United Arab Emirates (UAE), Ministry of Energy of Uzbekistan reported.
The signing ceremony, held at a high-profile event, was attended by key figures including Uzbekistan's Minister of Energy, Jurabek Mirzamakhmudov Minister of Investments, Industry, and Trade, Laziz Kudratov, and the UAE's Minister of Investments, Mohammed Alsuwaidi.
The primary objective of the MoU is to foster investment cooperation and joint efforts in the production, transmission, and distribution of renewable energy sources. The agreement extends its focus beyond energy production, emphasizing collaboration in other crucial areas as well.
The signed document establishes a robust foundation for bilateral cooperation, paving the way for attracting investments and fostering joint research programs. Furthermore, it facilitates the exchange of technical knowledge, skills, and experiences between state bodies and private sector enterprises of both Uzbekistan and the UAE.
One of the key aspects of the MoU is the commitment to various forms of cooperation, including the development of wind, solar, and hydropower plants. Additionally, the parties involved will collaborate on the construction of energy storage facilities, reflecting a comprehensive approach to sustainable energy solutions.
The agreement also outlines provisions for the identification, evaluation, and exchange of results related to investment opportunities. This strategic cooperation is expected to create a conducive environment for innovation, promoting the growth of the renewable energy sector in both countries.
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