UAE & Uzbekistan agree to promote trade & economic cooperation in food security, renewable energy, tourism & natural resources

H.E. Bin Touq: Uzbekistan is a key strategic partner of the UAE in Central Asia

H.E. Abdullah Bin Touq Al Marri, UAE Minister of Economy, held a bilateral meeting with H.E. Laziz Kudratov, First Deputy Minister of Investment and Foreign Trade of Uzbekistan, on the sidelines of the World Government Summit 2023. The meeting explored the means to strengthen existing economic and trade relations between the two countries to drive sustainable economic development in both of them.

H.E. Bin Touq said: “The UAE-Uzbekistan economic partnership has clearly witnessed growth over the recent years. We look forward to deepening our existing ties with Tashkent and diversifying them into strategic priority sectors, specifically the new economy sectors. This is because these sectors are the basic pillars of the UAE’s knowledge-based economic model, in light of the principles of the 50 and the UAE Centennial 2071 goals.”

He added: “Uzbekistan is a key partner of the UAE in Central Asia and therefore, we are keen to elevate the existing cooperation to the level of a comprehensive economic partnership. We believe that it will contribute to strengthening investment and trade relations between the two countries in an unprecedented manner. This partnership would also allow our business communities to explore more promising opportunities on both sides, develop partnerships in key sectors, and sustainably increase the flexibility of their economies.”

The Minister of Economy elaborated on the prominent developments in the UAE economy, which have made the country an ideal global destination for business and investments. These developments align with the UAE’s wise leadership’s vision in light of the ‘Project of the 50’ and the objectives of the UAE Centennial 2071. The most prominent changes witnessed by the economy are the granting of 100 per cent foreign ownership; enhanced intellectual property protection; and the launch of an ambitious strategy to attract and retain talent in all sectors to reinforce the UAE’s status as a dynamic hub for creativity and innovation.

Furthermore, H.E. invited Uzbekistan’s private sector to take advantage of the benefits and incentives offered by the UAE economy to achieve growth and expansion in the UAE and other MENA markets. He further highlighted the Investopia summit, which aims to shape the future of investments; and the comprehensive economic partnership agreements (CEPA), under which, the UAE has signed three partnerships so far with India, Israel, and Indonesia. Negotiations with more target markets are currently progressing.

Both sides praised the growth in economic relations thanks to the exchange of visits by the two countries’ top-level officials and joint economic committees (JEC) that charted out a clear roadmap for cooperation on the investment and trade fronts. They further addressed the importance of implementing the outcomes of the fourth JEC session, which was held in April 2021.

Moreover, the two ministers agreed on the necessity to solidify cooperation in several key sectors such as agriculture, food security, renewable energy, medicine, health care, tourism, logistics, clothes, natural resources, IT, and the financial and banking sectors.

In 2022, the UAE-Uzbekistan non-oil foreign trade recorded a significant 104 per cent growth with its value totaling USD 993 million, as compared to USD 487 million in 2021. The UAE’s non-oil exports to Uzbekistan during this period totaled USD 92 million, reflecting a 190 per cent year-over-year growth.

Meanwhile, the UAE’s re-exports to the Central Asian country amounted to nearly USD 720 million in 2022 with a 102 per cent growth. The UAE is Uzbekistan’s top Arab and GCC trade partner as of 2021.

The World Government Summit is a leading platform dedicated to shaping the future of governments. Since its launch in 2013, the Summit has made significant strides in coordinating the efforts to enhance joint government action to find solutions for future challenges through establishing effective partnerships.

The latest edition of the Summit is hosting over 10,000 participants, including presidents, senior government officials, experts, and businessmen, to build the future of governments through 220 interactive panel discussions.