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Uzbekistan and the UAE expanding investment cooperation

On September 20, in the format of a videoconference, negotiations were held between the Deputy Prime Minister, Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov with the Minister of Energy and Infrastructure of the United Arab Emirates Suheil bin Muhammad al-Mazrui.

During the videoconference, a wide range of issues of trade, economic and investment cooperation between the two countries was discussed, as well as practical aspects of interaction in key areas of strategic partnership and the implementation of joint projects, the Ministry of Investment and Foreign Trade of Uzbekistan said.

The significant progress achieved in the implementation of bilateral agreements was emphasized. In 2020, a joint Uzbek-Emirati investment company with a charter capital of US $ 1 billion began its operational activities, the procedure for agreeing agreements within the framework of Mubadala’s participation in the privatization of Talimarjan TPP is being completed, the allocation of US $ 300 million from the Development Fund Abu Dhabi for the modernization of the infrastructure of Samarkand, as well as financing the construction of a 4-star hotel and shopping center in this city.

In cooperation with Masdar, in January 2020, the main legal agreements were signed on the project for the construction of a 500 MW wind farm in the Navoi region. Preparation is also completed for construction work within the framework of a project to build a 100 MW solar power plant in the same region. Masdar won the tender for the construction of this power plant in October 2019, and in November an investment agreement and an agreement on the purchase of electricity were signed with the Emirati partners.

Opportunities for expanding investment cooperation and industrial cooperation were also discussed by jointly working out new investment projects in the fields of petrochemistry, energy, agriculture, infrastructure, telecommunications, healthcare, tourism and the financial sector.An agreement was reached to organize a joint working group to determine the most promising areas of cooperation and to attract specialized consultants to analyze the investment attractiveness of specific projects and initiatives. Upon completion of the negotiations, the parties expressed their readiness to establish active cooperation in the field of healthcare, in terms of attracting advanced experience of the UAE and technologies in this area, as well as the implementation of joint measures aimed at countering the spread of coronavirus infection and protecting public health.