Forum in Al-Kuwait Identifies New Areas of Cooperation

The delegations at the Forum were led by Laziz Kudratov, the Minister of Investment, Industry, and Trade of the Republic of Uzbekistan, on the Uzbek side, and Rabah Al-Rabah, the Head of the Kuwaiti Chamber of Commerce and Industry, on the Kuwaiti side.

Delivering a welcoming speech at the opening ceremony of the forum, Laziz Kudratov emphasized the steady growth of partnership relations between Uzbekistan and Kuwait in recent years. Major Kuwaiti companies are successfully executing projects in healthcare, agriculture, infrastructure, hospitality, pharmaceuticals, and real estate in Uzbekistan.

The most favorable conditions have been established for foreign investors: incentives and benefits have been introduced, obstacles have been eliminated, a privatization program is being implemented, numerous Free Economic Zones (FEZs) with developed infrastructure have been created, and free access to markets in the Commonwealth of Independent States (CIS) and the European Union (EU) has been secured.

As a result, Uzbekistan's economy has nearly doubled in recent years. In 2024 alone, the GDP increased by 6.5 percent, reaching $115 billion. The volume of foreign investment has risen 1.6 times to $34.9 billion.

An ambitious strategy,  is being implemented alongside large-scale, forward-looking reforms. This initiative aims to increase Uzbekistan's GDP to $200 billion by 2030, achieve the status of an upper-middle-income country, attract $110 billion in foreign direct investment, and generate $45 billion in annual exports.

At the same time, attention was drawn to the significant untapped potential for enhancing trade, economic, investment, and industrial partnerships between the two countries.

In this context, the priority areas for further development of cooperation have been outlined as follows: the agro-industrial sector, textile industry, mining, energy and petrochemicals, healthcare and pharmaceuticals, privatization, logistics, communications, and tourism.

In turn, Rabah Al-Rabah, the head of the Kuwaiti Chamber of Commerce and Industry, expressed high appreciation for Uzbekistan's efforts to foster conditions conducive to the development of bilateral trade, economic, and investment cooperation. He urged Kuwaiti and Uzbek entrepreneurs to engage in more active collaboration, assuring them of both parties' mutual readiness to support new projects and initiatives.

B2B and G2B negotiations, along with an exhibition showcasing Uzbekistan's national products, were organized on the sidelines of the business forum. This event provided entrepreneurs with the opportunity to establish valuable connections and discuss the technical details of joint projects and trade supplies.

As a result of the event, several investment agreements and trade contracts were signed. According to the entrepreneurs involved, these agreements are expected to significantly enhance Uzbek-Kuwaiti relations and increase trade volumes between the two countries in a short timeframe.