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Prospects for expanding trade, economic and investment cooperation between Uzbekistan and the UAE were discussed

On 25 August a meeting was held in Tashkent between the Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov with the Minister of Economy of the United Arab Emirates Abdullah bin Tuk al-Marri.

During the meeting, the sides discussed the current state and prospects for expanding cooperation in the investment, trade and economic spheres.

It was noted that over the past two years, significant results have been achieved in building up a portfolio of joint investment projects – currently, 15 projects are being implemented with Emirati partners totalling about $ 5 billion.

At the same time, the significant untapped investment potential in a number of sectors was emphasized, such as agriculture, mining, textile, jewellery industry and other spheres. Opportunities for attracting Emirati investors to participate in the state privatization program implemented in Uzbekistan were also considered.

An agreement was reached on establishing direct interaction between the Ministry of Food and Water Security of the UAE and the Ministry of Agriculture of Uzbekistan to study the possibilities of implementing joint programs and projects in agriculture and the food industry.

The successful activity of the Uzbek- Emirates Investment Company, created with the support of the Abu Dhabi Development Fund, was noted – since the beginning of its activity, the company has attracted about $ 100 million for the implementation of joint investment projects in Uzbekistan. The Emirati side expressed its readiness to assist in attracting new potential partners from among Emirati investors in order to implement promising projects with their co-financing at the expense of the resources of the Uzbek- Emirates Investment Company.

Mechanisms for increasing trade turnover between Uzbekistan and the UAE were discussed in a separate order. The prerequisites for expanding the geography of deliveries of Uzbek-made products to the markets of the Persian Gulf countries were also noted.

Following the meeting, the parties agreed to continue practical cooperation and maintain close contacts for operational discussion and resolution of existing issues.