New Horizons of Uzbek-Kuwaiti Trade and Economic Cooperation
2024-11-21 14:00:00 / News
On November 21, Tashkent hosted the meeting of the Uzbek-Kuwaiti Intergovernmental Commission on Trade-Economic, and Scientific-Technical Cooperation. The discussions were chaired by Laziz Kudratov, Minister of Investments, Industry, and Trade of Uzbekistan, and Noura Suleiman Al-Fassam, Minister of Finance and Minister of State for Economic and Investment Affairs.
In accordance with the agenda, the parties reviewed the current state of trade, economic, and investment ties between the two nations and identified actionable steps to further expand the scope of cooperation.
Reference: Over the last five years, trade turnover between Uzbekistan and Kuwait has increased by more than fivefold, driven primarily by mutual exchanges of food products, chemical goods, and services. Presently, seven Kuwaiti-funded enterprises operate in Uzbekistan.
In his opening remarks at the commission meeting, Laziz Kudratov stressed the need for targeted efforts to unlock the full potential of bilateral cooperation. He proposed initiatives such as diversifying trade offerings based on mutual market analysis, drafting and signing a Preferential Trade Agreement, fostering growth in e-commerce, addressing trade barriers, and organizing reciprocal exhibitions such as “Made in Uzbekistan” and “Made in Kuwait.”
Key opportunities were highlighted for Kuwaiti investors in Uzbekistan’s free economic zones, offering substantial benefits such as tax and customs incentives, access to resources, and advanced infrastructure. Similarly, Uzbek enterprises demonstrated their capacity and readiness to explore production opportunities in Kuwait’s free economic zones. Agreements were reached to establish an Industrial Cooperation Program and finalize a Bilateral Investment Treaty in the near term.
The constructive exchanges yielded a consensus on enhancing collaboration across various sectors, including banking and finance, agriculture, tourism, logistics, privatization programs, and environmental sustainability.
The readiness to provide comprehensive support at every stage was expressed: from identifying promising investment opportunities to the creation and development of business by Kuwaiti companies in Uzbekistan.
In turn, Noura Suleiman Al-Fassam, Minister of State for Economic Affairs and Investments of Kuwait, also noted the great attention paid in Uzbekistan to improving the business climate, ensuring economic openness, and protecting investors' rights. All these measures are a solid foundation for the growth of trade and economic cooperation volumes and the trust of Kuwaiti business in Uzbekistan. The Minister expressed her readiness to provide comprehensive support to new initiatives, ensure the timely execution of existing agreements, and assist in attracting Kuwaiti companies to our country.
The meeting concluded with the signing of a Memorandum on Trade Facilitation Procedures and a protocol summarizing the first session of the Uzbek-Kuwaiti Commission.
As highlighted by the delegation leaders, these agreements signify a promising new phase in economic collaboration, unlocking fresh opportunities for shared prosperity and advancement.