Sunday, 18 August 2019 05:01 GMT

Uzbekistan, UAE mull implementation of joint investment projects

(MENAFN - AzerNews)

By Abdul Kerimkhanov

United Arab Emirates delegation headed by UAE Minister of Energy and Industry Suhail Mohammed Faraj Al Mazroui visited Uzbekistan on May 2.

A meeting was held in the Uzbek Chamber of Commerce and Industry with Hamid Mohammed bin Salem, Secretary General of the UAE Chamber of Commerce and Industry Federation, as well as Abdullah Sultan Al Owais, Sharjah Chamber of Commerce and Industry Chairman.

Adkham Ikramov, Uzbek Chairman of the Chamber of Commerce and Industry, and Badriddin Abidov, Deputy Minister of Investment and Foreign Trade, as well as representatives of Uzbek business circles interested in implementing joint investment projects participated in the meeting.

The detailed information on the Chamber of Commerce and Industryactivities, the role of the Chamber in the development of entrepreneurship in the country was presented to the attention of the UAE side, and the parties discussed promising areas of bilateral cooperation.

During the meeting, the UAE side got acquainted with the measures taken in Uzbekistan to improve the business climate, create favorable conditions for foreign companies and investors, as well as ensure the legitimate rights protection and business entities' interests.

The parties focused on the importance of combining efforts for the timely and high-quality agreements implementation reached in the trade, economic and investment spheres within the framework of the Uzbek President Shavkat Mirziyoyev's state visit to the UAE.

The Uzbek business circles representatives also demonstrated presentations of promising investment projects proposed for joint implementation with UAE companies.

Diplomatic relations between Uzbekistan and the United Arab Emirates were established on October 25, 1992. The volume of trade between Uzbekistan and the UAE increased by 23 percent, reaching $141.5 million in 2018. At the same time, the growth of Uzbek exports products to the UAE market amounted to 32.4 percent.

Uzbekistan and the United Arab Emirates created a joint fund of foreign direct investment worth $1 billion on October 3, 2018.

Currently, Uzbekistan has more than 90 enterprises established with the participation of UAE investments, and 36 of them are with a 100-percent UAE capital.


Uzbekistan, UAE mull implementation of joint investment projects

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