Headed by HE Elyor M. Ganiev, Minister for Foreign Economic Relations, Investments and Trade of the Republic of Uzbekistan, the delegation was received by HE Abdul Rahman Saif Al Ghurair, 1st Vice Chairman of Dubai Chamber.

Al Ghurair and HE Alisher Shaykhov, Chairman, Uzbekistan Chamber of Commerce & Industry, signed an Agreement of Cooperation aimed at fostering the development and diversification of economic cooperation and the widening of commercial exchanges between their respective countries’s trading houses.

Based on mutual advantage to both sides, the agreement specifies that both parties shall endeavour to identify and undertake market and publicity studies for the growth and advancement of bilateral trade and regularly exchange publications and information pertaining to lucrative trade, production, export offers and investment and market trends besides exchanging records about economic and commercial legislation applicable in their respective jurisdictions.

While welcoming the delegation to the business forum, Al Ghurair highlighted Dubai Government’s Strategic Plan 2015 which he said has not only given a boost to the business environment but has also opened up newer opportunities for all businesses. ’HH Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai’s vision of supporting free trade, tourism, mega projects, infrastructures and trading centers is directly attracting a large number of Foreign Direct Investments (FDIs) to the emirate. On its part, Dubai Chamber is surging ahead in line with the Strategic Plan by acquiring a new corporate identity and is providing the local business community with outstanding value-added services thus enhancing their competitive advantages. The over 100,000 members of the Chamber now have access to new business markets as they discover additional investment opportunities and establish strategic partnerships with their counterparts all over the world,’ said Al Ghurair.

’This Agreement of Cooperation between Dubai and Uzbekistan will go a long way in establishing a stronger business relationship between the two sides. We at Dubai Chamber are extremely committed to extend all possible assistance and facilities to the Uzbekistan businessmen and encourage them to set up new direct businesses and joint ventures in Dubai,’ he said.

HE Elyor M. Ganiev, Minister for Foreign Economic Relations, Investments and Trade of the Republic of Uzbekistan, said his country will have to adopt Dubai Chamber’s experience of opening up new channels of bilateral trade and the volume of business the fastest growing emirate handles. He also pointed out that the new agreement will allow more Uzbek companies to set up business here and vice versa as there are already 68 UAE businessmen-owned and 17 representative companies functioning in Uzbekistan.

Meanwhile, HE Elyor M. Ganiev, signed a Memorandum of Understanding (MoU) with Hashim Al Dabal, Executive Chairman, Dubai Properties, for exploring cooperation between Dubai Properties and the Government of Uzbekistan in the areas of real estate, communications, finance and transport and to work jointly in several other areas of mutual interest.

The delegation gave a number of presentations about the investment climate in the sphere of oil and gas, chemical and construction industry projects and banking and finance at the business forum attended by Dubai Chamber members and investors. The business forum concluded with a recommendation focusing on the starting of potential areas of cooperation and joint ventures between the two trading partners.

Uzbekistan’s GDP (per capita) stood at US$2,200 at the end of 2007 and the country is now the world’s second largest cotton exporter and fifth largest
producer as it relies heavily on the production of ’white gold’ as a major source of export earnings. Other major export earners for the country are
gold, natural gas and oil.

The top five items of Dubai’s Import from Uzbekistan in 2006 included Base metals and products thereof; Textiles; Vegetable products; Chemical or allied industries and Prepared foodstuff while the top five items of Dubai’s Export & Re-export to Uzbekistan in 2006 was Machinery; Electrical and electronics equipment; Vehicles; aircraft and transport equipment; Furniture; Toys; Sports requisites and miscellaneous items; Manufacturing; Textiles and Prepared foodstuff.

Dubai shares a long-time trading relationship with Uzbekistan as there are presently 67 Uzbek partnership companies operating in the emirate while Dubai’s non-oil trade with the country reached Dhs217.3m at the end of 2006 with imports touching Dhs9,191,083 and Export - Re-Export reaching out to Dhs208,153,869 as the country ranked as no. 98th in a list of Dubai’s trade partners in 2006. The two sides have earlier signed an agreement of cooperation way back in 1997.