UAE and Uzbekistan agree to develop economic partnerships in new economic sectors, tourism, entrepreneurship, fintech, transportation, renewable energy & agriculture

 H.E. Bin Touq and Uzbek Minister of Investment, Industry & Trade chair the fifth JEC session between the two countries

The UAE and the Republic of Uzbekistan held the fifth session of the Joint Economic Committee (JEC) in Tashkent, chaired by H.E. Abdulla bin Touq Al Marri, UAE Minister of Economy; and H.E. Laziz Kudratov, Minister of Investment, Industry and Trade of Uzbekistan. During the session, the two countries agreed to develop economic partnerships in the new economy sectors, tourism, entrepreneurship, SMEs, fintech, innovation, transportation, renewable energy, logistics, agriculture, food security, environment, and infrastructure.

H.E. Bin Touq underlined that the UAE and Uzbekistan share solid strategic relations and fruitful cooperation in various fields of shared interest, pointing out that the economic partnership between the two countries has witnessed continuous growth, thanks to the support from both leaderships.

The Minister of Economy added: “The two countries share many commonalities in their visions and strategies for expansion into new and sustainable economic sectors and their development. This fifth JEC session is a key milestone in our efforts to enhance economic relations and create new economic prospects for the private sector. This will help reinforce the economic cooperation between the two countries in the future, especially as the UAE represents an important economic gateway for Uzbek exports into the region’s markets.”

Strengthening cooperation at the private sector level

The meeting agreed to enhance joint efforts to strengthen dialogue between the UAE and Uzbek business communities, encourage the exchange of visits by delegations and participation in trade exhibitions to enhance their awareness on available economic opportunities, incentives, and advantages offered by the UAE economy to Uzbek businesses and vice versa.

Encouraging cooperation in entrepreneurship & SMEs

During the meeting, the UAE delegation extended an invitation to Uzbek entrepreneurs and SME-owners to take advantage of the business opportunities in the UAE and establish diverse economic activities. In this regard, H.E. Bin Touq shed light on the potential of the UAE’s entrepreneurial ecosystem in fostering new projects and enhancing existing ones. He also highlighted the government's initiatives to support SMEs, pointing out that the UAE has secured the top ranking in the Global Entrepreneurship Monitor (GEM) 2023-2024 report for the third consecutive year, surpassing several leading economies. The country has also been recognized as the best destination globally for setting up and conducting new business ventures.

Exchange of expertise in economic legislation development

Furthermore, both sides agreed to exchange information and expertise on policies and economic laws that support the goals of the ‘We the UAE Vision 2031’ and the ‘Uzbekistan Strategy – 2030.’ They expressed interest in setting up an international hub for advanced digital technologies in Uzbekistan and tapping into the UAE’s expertise in this field, supporting the achievement of the digital economy goals of both countries and accelerating the shift towards a knowledge-based economy.

Agriculture & Food Security

The UAE and Uzbekistan expressed their interest in enhancing cooperation in the food security and agriculture sectors by increasing trade exchanges in food commodities and agricultural products and encouraging the private sector to invest in these two vital sectors.

Collaboration opportunities in tourism, aviation, travel & hospitality

H.E. Bin Touq’s meeting with H.E. Umid Shadiev, Chairman of the Tourism Committee at the Ministry of Ecology, Environmental Protection and Climate Change of the Republic of Uzbekistan, explored new mechanisms to bolster cooperation in the tourism, aviation, travel, and hospitality sectors in the near future. These include organizing joint exhibitions and tourism events and fostering connections between tourism firms in both countries to effectively showcase the top attractions in the UAE and Uzbekistan. It will also see the strengthening of joint efforts to boost mutual tourism flows and the frequency of flights operated by the national airlines of both countries.

H.E. said: “The tourism sector is crucial in strengthening economic relations between the two countries. Our efforts in this key sector have shown remarkable progress in recent years, as the number of Uzbek tourists who visited the UAE exceeded 65,000 in 2023, marking a 30 per cent increase compared to 2022.”

Both sides highlighted the significance of collaborating to develop shared tourism projects in the near future. These projects aim to enhance tourism diversity by showcasing cultural heritage, historical sites, natural landscapes, and recreational activities in the markets of both countries.

Boosting exports in the UAE and Uzbek markets

The latest JEC session between the UAE and Uzbekistan saw the signing of an MoU between Etihad Credit Insurance, a government subsidiary of the UAE, and Uzbekistan's Export-Import Insurance Company (Uzbekinvest). The agreement aims to strengthen collaboration in the export of goods and services, offering insurance support to exporters and financial entities by extending export and credit insurance contracts. The goal is to streamline the export of goods and services between the two markets.

Raja Al Mazroui, CEO of Etihad Credit Insurance; and Rustam Azimov, Director-General of the Uzbekinvest Export-Import Insurance Company, in the presence of H.E. Bin Touq and H.E. Laziz Kudratov. The partnership aims to enhance trade relations between the two countries, while also facilitating the exchange of experiences, training, support capabilities, and technical assistance in export credit. It will contribute to creating new opportunities for exporters in both markets.

Agreement to accelerate the development of largest wastewater treatment plant in Tashkent 

Additionally, Abu Dhabi Sustainable Water Solutions Company (SWS), a leading company in sustainable water solutions, signed an MoU with Uzsuvtaminot JSC, a key player in water resources management in Uzbekistan. The primary objective is to accelerate the ongoing development of the largest wastewater treatment plant in Tashkent, with a daily generation capacity of 1.5 million cubic meters. It will serve more than 3 million people in Tashkent, Salar, Bektemir and other neighboring cities and communities.

On the sidelines of the JEC, Eng. Abdulwahab Sharif, the Chief Business Development Officer at Abu Dhabi Sustainable Water Solutions (SWS); and Dilshod Azimov, the Acting Chairman of the Board of Uzsuvtaminot JSC signed the agreement, in the presence of H.E. Bin Touq and H.E. Laziz Kudratov.

The project, to be executed by SWS, will enhance the development of the infrastructure, and improve the residents’ well-being, thus elevating the quality of life in Tashkent. The new plant project is expected to commence in 2025 and to be fully operational by 2029, replacing the current wastewater treatment plants of Salar and Bektemir.

H.E. Bin Touq’s Participation in Tashkent International Investment Forum

During his participation in the Tashkent International Investment Forum held in Uzbekistan on 2 and 3 May 2024, H.E. Bin Touq highlighted the UAE’s endeavors to diversify its national economy and transition to a more resilient innovative and knowledge-based economic model. The non-oil sectors now play a significant role in the UAE’s gross domestic product (GDP), at a significant 74 per cent. Additionally, H.E. discussed the economic policies and legislation designed to enhance the competitiveness of the UAE’s business environment and attract FDI, which totaled 22.737 billion USD in 2022 compared to 2.07 billion USD in 2021, reflecting a 10 per cent growth.

Moreover, the Minister of Economy urged all participants to capitalize on the incentives offered by the UAE’s business environment thanks to the modernization of economic legislation. These include amendments to the Commercial Companies Law to allow full foreign ownership; the introduction of long-term residencies for talents and entrepreneurs and new visa categories; in addition to several sustainable development policies. Additionally, the UAE’s business environment offers all enablers the private sector needs to expand into new and circular economies.

H.E. noted that the Tashkent International Investment Forum serves as a vital platform to explore promising economic prospects and enhance collaboration between UAE and Uzbekistan private sectors in diverse economic fields.

The UAE delegation to Uzbekistan comprised of 24 entities from public and private sectors, including the Ministry of Finance, Ministry of Investment, Etihad Credit Insurance, DP World, Etihad Water and Electricity, Ajman Chamber of Commerce and Industry (ACCI) and Masdar. Abu Dhabi Sustainable Water Solutions Company (SWS), Abu Dhabi Fund for Development, Tadweer and E20 Group among others.