Uzbekistan, Kuwait Sign Memorandum On Trade Facilitation
Date
11/22/2024 2:11:29 AM
(MENAFN- Trend News Agency)
TASHKENT, Uzbekistan, November 22. Uzbekistan
and Kuwait signed a memorandum on trade facilitation, Trend
reports.
The document was signed during the meeting of the Uzbek-Kuwaiti
Intergovernmental Commission on Trade, Economic, and
Scientific-Technical Cooperation. The agreement marks a significant
step forward in fostering partnerships in priority sectors of both
economies, paving the way for mutual growth and development.
The delegations of the two countries were led by high-ranking
officials, with Minister of Investment, Industry, and Trade of the
Republic of Uzbekistan Laziz Kudratov representing the Uzbek side
and State Minister of Economy and Investment of Kuwait Noura
Suleiman Al-Fassam heading the Kuwaiti delegation.
Discussions focused on the current state of trade, economic, and
investment cooperation, resulting in agreements to draft an
Industrial Cooperation Program and finalize a bilateral investment
treaty in the near future.
Both sides explored opportunities in banking and finance,
Kuwaiti participation in Uzbekistan's privatization initiatives,
and collaboration in agriculture, tourism, transport and logistics,
and environmental protection.
Meanwhile, trade turnover between the two countries has
increased more than fivefold over the past five years, driven by
mutual trade in food products, chemical goods, and services.
Currently, seven enterprises with Kuwaiti capital are operating in
Uzbekistan, reflecting the growing economic ties.
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