Qatar, Uzbekistan Trade Ties Have Potential For Expansion In Diverse Fields

(MENAFN- The Peninsula) Deepak John | The Peninsula

Doha, Qatar: Uzbekistan offers several opportunities for Qatari investors. There is potential for expanding bilateral cooperation, trade and economic investment between the two countries in several fields, Deputy Minister of Investment, Industry, and Trade of Uzbekistan Shokhrukh Gulamov said at the Qatar-Uzbekistan Business Meeting, yesterday.

The meeting was hosted by Qatar Chamber which focused on reviewing trade and economic relations, as well as the investment climate and opportunities available in both Qatar and Uzbekistan.

Deputy Minister of Investment, Industry, and Trade of Uzbekistan described Qatar as a global investment platform and expressed the desire of Uzbekistan's government and private sector to enhance cooperation with Qatari business sectors.

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“We are pleased to bring more than 40 leading companies specialising in agriculture, building materials, tourism, real estate and others. These companies are here to explore opportunities for partnership, innovation and mutual growth. We hope their participation will see fruitful collaboration that will benefit both nations,” Gulamov said.

Qatar Chamber First Vice-Chairman Mohamed bin Twar Al Kuwari with other officials during the meeting.

He emphasised the importance of such meetings in strengthening cooperation between the private sectors of both countries and providing opportunities for Qatari and Uzbek companies to discuss joint projects and noted that these efforts could significantly increase bilateral trade, especially given the abundance of available investment opportunities.

“Uzbekistan is already working closely with several major Qatari companies, we are very glad that we have such kind of interest from our Qatari partners. I firmly believe that the potential for expanding bilateral cooperation, trade, economic investment between our nations is just the beginning and we have a lot of opportunities,” he added.

Highlighting the sectors with significant potential for collaboration for both the parties Gulamov said, first of all, there is the agriculture and food processing. Today Uzbekistan is leading producer in Central Asia producing over 30 million tons of fruits and vegetables and with the large local markets, quality raw materials and investor friendly environment.

Secondly, regarding mining and metallurgy, he pointed out that Uzbekistan is prominent global producer of gold and copper, yet much of our output remains as raw materials.“We are actively promoting downstream development and welcoming foreign investors into the sector, especially in copper clusters and other valuable resources. Also, our healthcare sector is undergoing structural reforms focusing on service quality and increasing local pharmaceutical production.

Today, Uzbekistan has initiated the state asset privatization program offering over 1000 state owned companies for investment through open options. This program opens doors for investors interested in various sectors. “We are committed to support you at every stage from identifying promising investment opportunities to establishing and growing your business in Uzbekistan. I am optimistic that today's forum will serve as foundation for stronger ties and foster new avenues of cooperation between our brotherly countries,” Gulamov said.

Also addressing the meeting, Qatar Chamber First Vice-Chairman Mohamed bin Twar Al Kuwari said, Qatar is keen to strengthen its relations with Uzbekistan, noting that these ties are reflected in mutual visits and the signing of agreements and MoUs across various fields.

The trade exchange between the two countries remains below expectations, affirming the private sector's role in boosting trade by establishing joint ventures and investments. Al Kuwari invited companies from Uzbekistan to invest in Qatar and to form commercial alliances with Qatari counterparts. He further encouraged Qatari investors to explore the abundant opportunities in Uzbekistan.

For his part, Abdulla bin Mohamed Al Emadi stated that the Chamber is prepared to assist companies from Uzbekistan wishing to enter the Qatari market and collaborate with their Qatari counterparts.

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