UAE targets versatile investment co-op with Uzbekistan – ambassador (Exclusive interview)

Uzbekistan Materials 6 December 2023 08:22 (UTC +04:00)
UAE targets versatile investment co-op with Uzbekistan – ambassador (Exclusive interview)
Aydan Mammadova
Aydan Mammadova
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BAKU, Azerbaijan, December 6. The Ministry of Foreign Affairs of the United Arab Emirates places a strategic emphasis on developing strong bilateral trade relations with Uzbekistan, so we aim for collaborative investments in a variety of sectors, including renewable energy, transportation, and logistics, as well as agriculture, digitalization, and tourism, UAE’s Ambassador to Uzbekistan Saeed Mattar Sultan Alqemzi told Trend in an exclusive interview.

The ambassador stated that the parties' commitment to continual improvement of public administration and continued training of modern staff distinguishes Emirati-Uzbek cooperation.

“These coordinated endeavors reflect the two countries' common desire to explore new areas of long-term bilateral cooperation. Notably, there is a particular emphasis on encouraging innovation and improving artificial intelligence initiatives,” Alqemzi added.

The UAE ambassador stressed that the UAE aims to further cultivate deep and distinguished relations with all countries, including Uzbekistan, guided by dedication to scientific and technological progress as well as the establishment of an economy based on knowledge and diversity.

Further speaking, the official said that numerous businesses from diverse sectors in the UAE are expressing interest in entering the Uzbek market:

"A number of UAE businesses from various sectors are attempting to enter the Uzbek market. Another approach to effectively meeting this demand involves the organization of business forums combined with networking sessions, as well as B2G and B2B meetings," he stated.

According to the ambassador, this comprehensive system provides UAE enterprises with in-depth knowledge of the Uzbek market, including its business and investment environment, regulatory rules, and other procedures.

"B2B meetings, in particular, serve as a valuable platform for UAE companies to identify suitable business partners for future collaboration with Uzbekistan," the UAE envoy stated.

Officials further stated that the UAE Ministry of Foreign Affairs, through its specialized Economy and Trade Affairs Department and the UAE Embassy in the Republic of Uzbekistan, actively collects essential information and evaluates chances for entry into the Uzbek market.

“This process aligns closely with the interests and endeavors of UAE companies, which can also proactively reach out to the Ministry to request support in facilitating their business interactions with Uzbek counterparts or in helping resolve specific issues faced in Uzbekistan’s economic environment,” he said.

Meanwhile, during a recent meeting between President of Uzbekistan Shavkat Mirziyoyev and UAE Minister of Cabinet Affairs Mohammad Abdullah Al Gergawi, the high dynamics of the growth of diverse Uzbek-Emirati ties were recognized with satisfaction.

Simultaneously, the parties emphasized the importance of carrying out cooperation initiatives, such as e-government development, within the framework of the road plan approved earlier this year.

The officials confirmed their mutual desire to develop practical collaboration in areas such as effective management, trade potential development, urban infrastructure modernization, high technology, artificial intelligence, and others.

As of July 2023, the UAE's overall investment portfolio in Uzbekistan amounted to more than $4 billion. The UAE's Masdar Energy Company recently signed a $2.6 billion agreement with the Government of Uzbekistan for the combined execution of solar PV and wind power projects totaling 2,150 MW and 500 MW, respectively.