BAKU, Azerbaijan, Aug. 26
By Fakhri Vakilov - Trend:
Ministry of Food and Water Security of the UAE and Uzbekistan’s Ministry of Agriculture will establish direct interaction to study the possibilities of implementing joint programs and projects in agriculture and the food industry, Trend reports citing Uzbekistan’s Ministry of Investments and Foreign Trade.
Uzbekistan’s Deputy Prime Minister - Minister of Investments and Foreign Trade Sardor Umurzakov and UAE’s Minister of Economy Abdulla bin Touq Al Marri reached this agreement during a meeting in Tashkent.
Moreover, the sides discussed the current state and prospects for expanding cooperation in the investment, trade and economic spheres.
It was noted that over the past two years, significant results have been achieved in building up a portfolio of joint investment projects - currently 15 projects are being implemented with the UAE partners totaling about $5 billion.
At the same time, a significant untapped investment potential in a number of industries was emphasized, such as agriculture, mining, textile and jewelry industry and other spheres. Opportunities for attracting Emirati investors to participate in the state privatization program implemented in Uzbekistan were also considered.
The successful activity of the Uzbek-Emirates Investment Company, created with the support of the Abu Dhabi Development Fund, was noted as well. Since the beginning of its activities, the company has attracted about $100 million for the implementation of joint investment projects in Uzbekistan.
The Emirati side expressed its readiness to assist Uzbekistan in attracting new potential partners from among the Emirati investors in order to implement promising projects with their co-financing at the expense of Uzbek-Emirates Investment Company’s resources.
Mechanisms for increasing trade turnover between Uzbekistan and the UAE were discussed in a separate order. The prerequisites for expanding the geography of deliveries of Uzbek-made products to the markets of the Persian Gulf countries were also noted.
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