TASHKENT, Uzbekistan, February 18. Uzbekistan and Kuwait's Kamco Invest agreed to launch a joint investment platform, Trend reports.
The news follows a meeting between President of Uzbekistan Shavkat Mirziyoyev and Kuwait's Kamco Invest CEO Abdullah AlSharekh to discuss expanding financial cooperation.
During the meeting, the parties also reached an agreement to implement a project aimed at improving corporate efficiency for private companies.
Founded in 1998, Kamco Invest is a leading financial services company specializing in asset management, investment banking, and brokerage. The company operates in the UAE, Saudi Arabia, Jordan, and the UK.
Meanwhile, the president of Uzbekistan has visited Kuwait at the invitation of the country's Emir Mishal Al-Ahmad Al-Jaber Al-Sabah from February 17 through 18.
He held 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.
During the president's visit, Uzbekistan and Kuwait signed a joint declaration on the development of Uzbek-Kuwaiti relations as a comprehensive partnership.
Regarding ties between these nations, 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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