Kuwait and Uzbekistan Strengthen Economic Cooperation
In a significant move to enhance bilateral relations, Kuwait and Uzbekistan have embarked on a series of initiatives aimed at boosting trade and investment between the two nations. These efforts underscore a mutual commitment to economic growth and diversification.
High-Level Delegations Foster Dialogue
Kuwait Chamber of Commerce and Industry (KCCI) hosted an investment delegation from Uzbekistan, led by Deputy Minister of Investment, Industry, and Trade, Shahrukh Gulamov. The meeting, attended by Uzbekistan’s Ambassador to Kuwait, Ayub Khan Yunusov, and a group of Kuwaiti investors, focused on exploring avenues for economic collaboration. The KCCI highlighted Kuwait’s global standards in vital sectors such as finance, logistics, healthcare, and petrochemicals, expressing readiness to cooperate with Uzbekistan in these areas.
Memorandum of Understanding Signed
In a parallel development, Tashkent hosted a meeting of the Uzbekistan-Kuwait Intergovernmental Commission on Trade, Economic, and Scientific-Technical Cooperation on November 21, 2024. The session, chaired by Uzbekistan’s Minister of Investments, Industry, and Trade, Laziz Kudratov, and Kuwait’s State Minister for Economy and Investment, Noura Sulaiman Al-Fassam, culminated in the signing of a Memorandum of Understanding (MoU) aimed at simplifying trade procedures. This MoU is expected to facilitate smoother trade flows and reduce bureaucratic hurdles, thereby encouraging more robust economic exchanges.
Expanding Trade and Investment Opportunities
Trade between Kuwait and Uzbekistan has seen a remarkable increase, with turnover growing more than fivefold since 2019. This surge is primarily attributed to exports of food products, chemical goods, and services from Uzbekistan. Currently, seven enterprises with Kuwaiti capital are operating in Uzbekistan, indicating a growing investor interest.
To further capitalize on this momentum, both countries are drafting a Preferential Trade Agreement aimed at reducing trade barriers and promoting e-commerce. Additionally, plans are underway to organize trade exhibitions titled “Made in Uzbekistan” and “Made in Kuwait” to showcase national products and foster business partnerships.
Privatization and Investment Prospects
Uzbekistan has extended an invitation to Kuwaiti companies to participate in its ambitious privatization program, which includes over a thousand state-owned enterprises. This initiative opens a plethora of opportunities for Kuwaiti investors in sectors such as mining, energy, textiles, agriculture, logistics, and healthcare.
During the recent business forum in Tashkent, Deputy Minister Akram Aliev emphasized the potential for joint projects in these sectors. The forum also highlighted Uzbekistan’s strategic location, offering Kuwaiti businesses a gateway to broader regional markets.
Strengthening Bilateral Relations
The recent interactions between Kuwait and Uzbekistan reflect a shared vision for economic collaboration and mutual growth. The upcoming visit of the Uzbek President to Kuwait in February 2025 is anticipated to further solidify these ties, with discussions likely to focus on implementing the agreements reached and exploring new areas of cooperation.
Both nations are committed to creating a conducive environment for business and investment, aiming to achieve sustainable economic development and prosperity for their peoples. The ongoing dialogues and agreements signify a promising future for Kuwait-Uzbekistan relations, marked by increased trade, investment, and cultural exchange.
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