TASHKENT, Uzbekistan, February 17. Uzbekistan and Kuwait discussed the creation of an investment platform to enhance bilateral economic cooperation, Trend reports.
The matter was reviewed at a meeting between President of Uzbekistan Shavkat Mirziyoyev and Emir of the State of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah in Kuwait.
This initiative aims to foster increased mutual investments, particularly in sectors such as green energy, industrial cooperation, agriculture, and healthcare. The investment platform is expected to become a significant mechanism to promote joint ventures and projects, supporting mutual economic growth and development.
Both leaders emphasized the importance of building on the long-standing relationship between their countries and welcomed the successful implementation of Kuwait's Vision 2035, which aligns with Uzbekistan's New Uzbekistan Development Strategy. As part of their efforts, the two leaders also agreed to establish a business council and open a trade house in Kuwait.
The President of Uzbekistan is visiting Kuwait at the invitation of the country's Emir Mishal Al-Ahmad Al-Jaber Al-Sabah from February 17 to 18.
The visit program schedules high-level bilateral talks in Kuwait City, as well as meetings with the leadership and members of the government, heads of leading Kuwaiti companies, and banking and financial structures. As a result of the talks, a package of joint documents and agreements is expected to be adopted.
To note, Uzbekistan has recently augmented its political contact with Kuwait. In April 2024, Kuwait's Foreign Minister, Abdullah al-Yahya, was received by Uzbekistan's President, Shavkat Mirziyoyev. In 2024, five rounds of negotiations occurred between the foreign ministers of the two countries. The communication between economic agencies and business sectors has been enhanced. In the previous year, more than 100 Uzbek entrepreneurs traveled to Kuwait City. Two business conferences and "Made in Uzbekistan" exhibitions were conducted in Kuwait in May and August 2024. Business forums were conducted in Uzbekistan, featuring a 31-member delegation from Kuwait. Notable Kuwaiti enterprises, including Gulf Care Gen. Trad. Co., Biomedix Medical Group Co., Mishari Alafasy Perfumes, and Advanced Medical German Co., conducted visits to Uzbekistan. Concerning trade, In the last five years, trade turnover between Uzbekistan and Kuwait has quintupled. Presently, seven companies with Kuwaiti investment are functioning in Uzbekistan. Nonetheless, this does not entirely represent the economic potential of both parties. In 2023, Kuwait's trade in goods and services with other nations totaled $164 billion, whereas Uzbekistan's figure was $63 billion. The 2024 agreement aimed at streamlining trade processes may represent a crucial advancement in enhancing trade dynamics.
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