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DIEZ, Ministry of Investment, Industry, and Trade of Uzbekistan collaborate to drive growth of digital trade

DIEZ, Ministry of Investment, Industry, and Trade of Uzbekistan collaborate to drive growth of digital trade
8 May 2024 21:20


The Dubai Integrated Economic Zones Authority (DIEZ) signed a memorandum of understanding (MoU) with the Ministry of Investment, Industry, and Trade of the Republic of Uzbekistan.

The MoU aims to foster collaboration, enhance strategic partnerships, and increase the volume of trade exchange between the UAE and Uzbekistan, driving economic growth in both countries.

This took place during an official visit by a delegation from DIEZ to the Uzbek capital of Tashkent, where Laziz Kudratov, Minister of Investment, Industry, and Trade of the Republic of Uzbekistan, welcomed Dr Mohammed Al Zarooni, Executive Chairman of DIEZ, alongside several officials from both the Ministry and DIEZ.

In accordance with the MoU, both parties have committed to bolstering companies specialising in digital technology and sustainability sectors within their respective countries. This agreement aims to foster the development of digital commerce in both the UAE and Uzbekistan.

Moreover, the agreement entails the establishment of a joint digital platform enabling Uzbek companies and DIEZ counterparts to leverage opportunities for constructive cooperation and mutually beneficial partnerships. This initiative will harness the expertise of Dubai CommerCity, the free zone dedicated to digital commerce and part of DIEZ.

During his meeting with Kudratov, Dr Mohammed Al Zarooni highlighted that DIEZ is keen to actively contribute to strengthening the existing relations between the UAE and Uzbekistan. This commitment includes supporting the leadership of both countries and elevating cooperation between the economic free zones in Dubai and Uzbekistan. Moreover, DIEZ aims to fortify trade and investment ties across crucial sectors, thereby enabling both business communities to pursue a broader spectrum of investment opportunities.

Al Zarooni extended his invitation to Uzbek companies to leverage the benefits, incentives, and facilitations offered by DIEZ and its economic zones. These opportunities present promising prospects for expansion and growth across the UAE and MENA region. He highlighted Dubai's supportive economic environment, which fosters business growth and attracts diverse investments.

Al Zarooni emphasised that the MoU signing with the Ministry of Investment, Industry, and Trade of the Republic of Uzbekistan aligns with DIEZ's objectives of actively contributing to Dubai's economic advancement and elevating the Emirate's position as a regional and global investment hub, renowned for its business-friendly environment and streamlined processes.

Laziz Kudratov emphasised his country’s commitment to enhancing economic ties with the UAE, aiming for continued growth and mutual prosperity. He underscored the significance of bolstering bilateral relations and driving cooperation that would advance trade exchanges and foster partnerships within both business communities. Furthermore, he highlighted the potential for driving investments, facilitating knowledge transfer, and initiating collaborative ventures between the two countries.

Kudratov praised the significant role of Dubai and its economic zones in facilitating Uzbek exports' entry into the UAE and broader Middle Eastern markets. He highlighted Dubai's strategic location, advanced infrastructure, and investment environment as key factors. He urged the business community within the UAE to capitalise on Uzbekistan's promising opportunities, particularly in sectors such as F&B, pharmaceuticals, infrastructure, industrial equipment, metals, electronics, textiles, and others.

The DIEZ delegation’s visit to Uzbekistan included a meeting with the leadership of Uzum company, Chamber of Commerce and two visits to the innovative scientific and production pharmaceutical cluster known as Tashkent Pharma Park and the Angren FEZ. During their visit, the delegation explored the best practices, investment opportunities, and potential partnerships between the two parties.

In January 2024, the UAE and Uzbekistan signed a MoU to mutually exempt holders of diplomatic, special, VIP, and regular passports from entry visas. This agreement aims to facilitate travel between the two countries, strengthen bilateral relations and foster joint cooperation across various fields. Notably, there are over 50 weekly flights connecting Uzbekistan and the UAE.

Bilateral relations between the UAE and Uzbekistan are witnessing continuous development, as non-oil foreign trade between the two countries reached a record growth rate of 104 per cent, with the value of trade exchanges reaching US$993 million in 2022, compared to US$487 million in 2021. The total UAE non-oil exports to Uzbekistan reached about US$92 million in 2022, with a growth rate of 190 per cent compared to 2021.

Source: WAM
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