Tashkent hosted the meeting of the Uzbek-Kuwaiti Intergovernmental Commission on Trade, Economic, Scientific, and Technical Cooperation on November 21, 2024. The event saw the participation of high-level delegations, with Laziz Kudratov, Minister of Investment, Industry, and Trade of Uzbekistan, leading the Uzbek delegation, while Noura Suleiman Al-Fassam, State Minister of Economy and Investment of Kuwait, headed the Kuwaiti delegation.
The meeting focused on reviewing the progress in trade, economic, and investment partnerships between the two nations, with a particular emphasis on expanding the scope of bilateral interaction. Over the past five years, trade turnover between Uzbekistan and Kuwait has grown more than fivefold, driven by increased mutual supplies of food products, chemical goods, and services. Presently, there are seven enterprises with Kuwaiti investment operating in Uzbekistan.
Kudratov highlighted the significance of making full use of the available potential to advance Uzbek-Kuwaiti cooperation. He suggested expanding the range of traded goods, analyzing both countries' markets, and facilitating the signing of an Agreement on Preferential Trade. Additionally, he emphasized the importance of developing electronic commerce, eliminating trade barriers, and organizing reciprocal exhibitions such as "Made in Uzbekistan" and "Made in Kuwait."
The discussions also focused on the opportunities available for Kuwaiti companies in Uzbekistan’s free economic zones (FEZs), which offer tax and customs privileges, access to raw materials, and essential utilities. Uzbek companies, on the other hand, have the experience and resources to establish production in Kuwait's FEZs. The two parties agreed to develop an Industrial Cooperation Program and sign an Agreement on Bilateral Investment Treaties in the near future.
Further discussions led to the formation of joint positions on key areas of cooperation, including the banking and financial sectors, privatization programs, agriculture, tourism, transport, logistics, and environmental protection. Both countries expressed their readiness to support Kuwaiti businesses in identifying investment opportunities and establishing operations in Uzbekistan.
Minister Al-Fassam stressed the importance of Uzbekistan’s efforts to improve its business climate, enhance economic openness, and protect investor rights. She expressed confidence that these measures would serve as a strong foundation for the growth of bilateral trade and investment. She also reiterated Kuwait’s commitment to supporting new initiatives, ensuring the timely implementation of agreements, and facilitating the entry of Kuwaiti companies into Uzbekistan.
At the conclusion of the meeting, a signing ceremony was held for the Memorandum on Trade Facilitation, alongside the minutes of the first meeting of the Uzbek-Kuwaiti Intergovernmental Commission.
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