UAE, Uzbekistan To Strengthen Trade, Investment Ties

Tashkent The Uzbek capital Tashkent has recently hosted the third session of the United Arab Emirates-Uzbekistan Joint Economic Committee, Emirates news agency (WAM) reported Wednesday.

The committee meetings were co-chaired by UAE Minister of Economy Sultan bin Saeed Al Mansouri, and Uzbekistan’s Deputy Prime Minister Ganiev Elyor Majidovich, in the attendance of UAE Ambassador to Uzbekistan Mohammed Hareb Al Mehairbi.

The two sides agreed to enhance economic, trade, and technical cooperation based on a number of policies and programs, including a range of priority sectors of shared interests.

Most notably, both countries agreed to increase trade exchange volume and investments in renewable energy, agriculture, food production, textile, infrastructure, and tourism sectors. They also agreed on cooperation in the sectors of small and medium-sized enterprises (SMEs), civil aviation, manufacture, finance, and halal industry.

In a speech during the main session of the committee meeting, Al Mansouri said that the strong bilateral relations between the UAE and Uzbekistan are reinforced by cultural and historic ties, as well as Islamic affiliation. He pointed out that the economic aspect is an integral part of the bilateral relations.

The UAE official noted that the Central Asia region is a major focus area with regard to his country’s international economic cooperation. Thereby, the UAE is keen to develop economic cooperation in areas of shared interest with Uzbekistan, as a major political, economic, and cultural center in the region.

He explained that the UAE government is looking forward to the outcome of the committee meetings as an important factor to enhance economic partnerships between the two countries according to a clear vision and direction.

“This will help identify areas of cooperation for the future, discuss ways to increase trade exchange volume, discuss opportunities for partnership in both countries’ markets, agree on policies for coordination and exchange of expertise between the concerned parties on both sides. It will also support the efforts of the private sector in both countries to overcome obstacles and will facilitate their endeavors to build business partnerships and investment projects that serve the shared interests and economic objectives of both Uzbekistan and the UAE,” Mansouri added.

He stressed the importance of joint efforts to increase the volume of non-oil trade exchange. In 2017, this figure reached $387 million, which he emphasized that it is not in alignment with the aspirations and potential of both countries.

“This highlights the need for further cooperation and coordination during the next phase to strengthen trade between the two countries,” Al Mansouri affirmed.

The UAE minister also called on Uzbek companies to take a closer look at the opportunities for cooperation in the UAE and to build effective partnerships with UAE companies, especially in fields of agriculture and food products, energy and renewable energy, textile industries, tourism, transport, and financial services. He pointed out that Expo 2020 provides an ideal opportunity to strengthen partnership with Uzbekistan at the governmental and private levels, in order to start a new phase of trade and economic cooperation between both countries.

For his part, Majidovich said that the UAE is an important strategic partner for Uzbekistan in the region and that the two countries have built bilateral relations based on common interests.

He emphasized that Uzbekistan is committed to supporting all efforts of joint cooperation with UAE, especially in the sectors of the economy, trade and finance, and investment cooperation, in addition to developing partnerships in education, health care, tourism and various development sectors that serve the interests of both parties.

The two sides also agreed to implement mutually beneficial investments with the support of a joint venture company with a declared capital of $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.