UAE and Kyrgyzstan discuss development of economic cooperation in infrastructure, agriculture, food, renewable energy & logistics

H.E. Bin Touq: The UAE-Kyrgyzstan partnership is strong and growing. Kyrgyz markets have been a promising and vital destination in Central Asian region for the UAE’s private sector investments

H.E. Abdulla Bin Touq Al Marri, Minister of Economy, and H.E. Ruslan Kazakbaev, Minister for Foreign Affairs of Kyrgyzstan, discussed ways to develop bilateral relations and strengthen economic cooperation between the two countries in the next phase. The meeting between the two ministers took place in Dubai on Wednesday, 2 March, 2022.

During the meeting, H.E. Bin Touq underlined the strong bilateral ties between the UAE and Kyrgyzstan, noting that it is an important economic partner of the UAE in the Central Asian region. He added that Kyrgyzstan has promising potential and opportunities to make its markets one of the vital global trade and investment destinations for the UAE’s private sector.

H.E. Bin Touq said: “Over the past few years, the two countries have made great strides in elevating their economic partnerships to distinct levels. In 2021, the value of non-oil trade between the two sides increased to USD 2.9 billion, reflecting the strength of the existing trade partnership. Today, there are broader and evolving opportunities to diversify economic cooperation paths and promote trade and investment exchanges to create promising growth opportunities during the next phase. We will focus on stimulating mutual trade and investment flows particularly in the agriculture, food, tourism, renewable energy, transport, and logistics sectors.”

In addition, H.E. Bin Touq reviewed the most recent developments in the UAE economy in light of the launch of the Projects of the 50, legislative amendments, and pilot economic policies introduced by the UAE to support the economy’s transition to a new, flexible, and sustainable economic model based on knowledge and innovation, as well as incubate technology-based industries and businesses, and attract talent and pilot projects in various fields.

Moreover, the Minister of Economy briefed the Kyrgyz side on the incentives offered by the business and investment environment in the UAE, particularly the granting of 100% foreign ownership of projects and investments. These developments establish the UAE as a leading investment destination and attractive business environment, and a leading global trade, tourism, transport, and logistics hub.

The meeting also saw the two sides explore  promising investment opportunities in the areas of agriculture and food security, including food industries, tourism, infrastructure, and renewable energy, especially hydropower. They also discussed arrangements for the second Joint Economic Committee between the two countries aimed at developing a new program that would advance the existing partnership to new levels during the next phase, in line with a clear vision and specific cooperation programs that serve the development objectives of the two countries.