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Uzbekistan, UAE agree to enhance trade-economic, investment cooperation

Uzbekistan, UAE agree to enhance trade-economic, investment cooperation

| @indiablooms | 26 Mar 2019, 09:27 am

Abu Dhabi/Tashkent, Mar 26 (IBNS): President of the Republic of Uzbekistan, Shavkat Mirziyoyev, was accorded a warm welcome during his visit to Abu Dhabi, according to the media.

Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces received him at the Qasr Al Watan Palace in Abu Dhabi in a formal ceremony.

The President of Uzbekistan was accorded a guard of honour while the national anthems of both nations were played at the ceremony.

The ceremony gave way to negotiations in an extended format with the participation of official delegations of the two countries, according to media reports.

Shavkat Mirziyoyev, expressing gratitude for the warm welcome and hospitality, pointed out the shared religious and ethical values of the two nations, which serves as the basis for the development of bilateral cooperation in the spirit of mutual trust and respect, according to media reports.

According to the official press release, President of Uzbekistan said that the United Arab Emirates has created a miracle in the desert within a historically short period of time – fifty years – to become one of the global centers of economy, innovation, trade, finance and tourism, and noted Uzbekistan’s willingness to bolster cooperation and exchange experience in these areas.

Mohammed bin Zayed Al Nahyan applauded the reforms underway in Uzbekistan to liberalize the economy, improve the investment climate and boost the international standing of the country.

Diplomatic relations between Uzbekistan and the UAE were established on October 25, 1992.

For the first time in the history of bilateral relations, Ambassador Extraordinary and Plenipotentiary of the Republic of Uzbekistan to the United Arab Emirates has been appointed recently.

There are 107 enterprises operating in Uzbekistan, with the participation of investments from the Emirates, 28 firms and companies from the UAE have representative offices in Uzbekistan.

They specialize mainly in the production of textiles, building materials, canned fruit, in the printing business, wholesale trade, services.

In 2018, the trade turnover between the two countries reached nearly 400 million US dollars, media reported.

Shavkat Mirziyoyev noted that this figure has increased compared to those of previous years, but is hardly sufficient considering the potential of the parties.

In this regard, the negotiations helped discuss issues related to the comprehensive expansion of bilateral cooperation, consolidation of practical cooperation in the trade and economic, investment, innovation, banking and financial, cultural-humanitarian as well as other fields.

The sides appreciated the outcome of the third session of the Uzbekistan-UAE Intergovernmental Commission on Trade-Economic and Scientific-Technical Cooperation that took place on March 12 this year in Tashkent.

The Intergovernmental Commission was tasked with raising the volume of mutual trade to one billion dollars in the coming years, boosting the supply of goods, implementing joint projects for processing raw materials and manufacturing value-added goods.

Immense is the potential for cooperation in the field of tourism. The mausoleums of the great ancestors and Uzbekistan’s nature are rather popular with the inhabitants of the Emirates. Last year, the number of tourists from the UAE to Uzbekistan grew 1.5 times.

In accordance with a recently signed decree of the President of Uzbekistan, citizens of the United Arab Emirates can enter the country visa-free.

It was noted at the talks that this would contribute not only to the development of tourism, but also to the further intensification of trade-economic, scientific-technical and cultural cooperation between the two nations.

Following the talks, the sides signed $10 billion worth of agreements and exchanged bilateral documents, on Mar 25.

The agreements were signed in areas of cooperation in investment and finance, renewable energy, industry and infrastructure development, agriculture, and other fields, according to Uzbekistan's presidential website.

The parties also agreed to broaden trade and economic ties, carry out joint projects on energy and infrastructure, strengthen cooperation in science, technologies, and education.

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