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DIEZ and the Ministry of Investment, Industry, and Trade of the Republic of Uzbekistan Collaborate to Drive the Growth of Digital Trade

DIEZ and the Ministry of Investment, Industry, and Trade of the Republic of Uzbekistan Collaborate to Drive the Growth of Digital Trade
  • Al Zarooni: DIEZ is keen to contribute to strengthening collaboration between the UAE and Uzbekistan
  • Kudratov: Signing the MoU with DIEZ reflects the significance of bolstering relations between the UAE and Uzbekistan
  • The MoU aims to support companies specialized in digital technology and sustainability across the two countries.
  • The visit included a meeting with Uzum’s, Chamber of Commerce leadership and a tour of the Tashkent Pharma Park and the Angren Free Economic Zone (FEZ)

08 May 2024, Dubai, UAE: 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 His Excellency Laziz Kudratov, Minister of Investment, Industry, and Trade of the republic of Uzbekistan welcomed His Excellency Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ. The visit was carried out in the presence of Amna Lootah, Director General of Dubai Airport Free Zone (DAFZ) and Board Member of Dubai CommerCity, alongside several officials from both the Ministry and DIEZ.

Digital Technology and Sustainability

In accordance with the MoU, both parties have committed to bolstering companies specializing in digital technology and sustainability sectors within their respective countries. This agreement aims to foster the development of the 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 His Excellency KudratovHis Excellency 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.

His Excellency 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 emphasized 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.

His Excellency Laziz Kudratov, emphasized 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.

His Excellency 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 capitalize on Uzbekistan's promising opportunities, particularly in sectors such as F&B, pharmaceuticals, infrastructure, industrial equipment, metals, electronics, textiles, and others.

Field Visit

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%, with the value of trade exchanges reaching USD 993 million in 2022, compared to USD 487 million in 2021. The total UAE non-oil exports to Uzbekistan reached about USD 92 million in 2022, with a growth rate of 190% compared to 2021.

Posted by : Editorial Team
Viewed 11172 times
PR Category : Banking & Investments
Posted on : Wednesday, May 8, 2024  2:21:00 PM UAE local time (GMT+4)
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