Doing business in UAE
Business International

UAE, Uzbekistan explore trade partnership prospects

The third session of the Joint Economic Committee between the UAE and Uzbekistan was held recently in Tashkent, the Uzbek capital.

The Committee was chaired by Sultan bin Saeed Al Mansouri, Minister of Economy, representing the UAE Government, and Ganiev Elyor Majidovich, Deputy Prime Minister of Uzbekistan. Mohammed Hareb Al Mehairbi, UAE Ambassador to Uzbekistan, also attended the meeting.

As part of the Committee’s agenda, both countries agreed to enhance economic, trade and technical cooperation based on a number of policies and programmes, including a range of priority sectors of shared interests. Most notably, the UAE and Uzbekistan agreed to increase trade exchange volume and investments in renewable energy, agriculture, food production, textile, infrastructure and tourism sectors, as well as cooperation in small and medium-sized enterprises, SMEs, civil aviation, tourism, manufacturing, financial sector and Halal industry.

During the meeting, the committee reviewed topics of common interest including, the increase in trade exchange rates and the promotion of mutual investment in sectors of energy and renewable energy, agriculture, food, infrastructure, tourism and textile products.

Both parties also agreed to implement mutually beneficial investments with the support of a joint venture company with a declared capital of US$1 billion. These are currently underway and are being established by the Abu Dhabi Fund for Development and the Uzbek Fund for Reconstruction and Development.

The UAE and Uzbekistan also agreed on the importance of cooperation in the SME sector, particularly in the areas of trade, investment and agricultural cooperation, as well as the importance of industrial cooperation in the fields of oil and gas, petrochemicals, food and renewable energy, and to cooperate in financial sector, the use of Blockchain technology and artificial intelligence in its development, as well as cooperation in the fields of civil aviation, tourism and Halal industry.

The UAE delegation included Mohammed bin Abdul Aziz Al Shehhi, Under-Secretary of Economic Affairs at the Ministry of Economy; Sultan Mohammed Al Shamsi, Assistant Minister of Foreign Affairs and International Cooperation for International Development Affairs; Ibrahim Al Zaabi, Insurance Authority Director-General; Abdullah Al Maeeni, Director-General of the Emirates Authority for Standardisation and Metrology, ESMA; Gaith Al Gaith, Chief Executive Officer of flydubai; and representatives of Abu Dhabi Fund for Development, Dubai Chamber, Investment Corporation of Dubai ICD, Mubadala, Masdar, Majid Al Futtaim Group.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.