Tashkent, Uzbekistan (UzDaily.com) -- Taking into account global economic processes and trends, Uzbekistan seeks to form new approaches to the implementation of complex investment projects, as well as develop strategies to attract foreign investment. This has a positive impact on the creation of new value chains and access to world markets.

In this context, Uzbekistan attaches priority to the comprehensive deepening of cooperation with the countries of the Middle East, the expansion of multifaceted trade, economic, investment and financial cooperation. At the same time, Uzbekistan considers Qatar as one of the promising partners in the region with significant economic potential.

On 5-6 June, the Emir of the State of Qatar, Sheikh Tamim bin Hamad Al Thani, at the invitation of the President of Uzbekistan Shavkat Mirziyoyev, paid a state visit to our country.

Productive high-level talks were held in Samarkand, at which priorities and prospects for development in many areas of cooperation were determined.

Based on their results, an agreement was reached on the participation of Qatari companies in the implementation of major investment projects in our country in the fields of energy, gas chemical industry, agriculture, infrastructure, logistics, tourism and other industries with a total value of more than US$12 billion.

It was proposed to hold an Uzbek-Qatari investment forum in September and consider the creation of mechanisms for financing joint projects.

The heads of states stressed the importance of forming the shortest, most reliable and safe transport and logistics corridors connecting Central Asia with the countries of the Gulf.

Significant economic, investment and scientific and technological potential of Qatar, as well as its interest in investing in energy, incl. RES, transport and logistics, agro-industrial complex, high-tech sectors of Uzbekistan make Doha one of the most important partners of Tashkent.

Currently, the most important factor in the socio-economic growth of Qatar is the development of entrepreneurship, as well as the service sector through the revitalization of activities in the areas of finance and insurance, real estate, education, healthcare, etc.

The country has favorable conditions for doing business, and is also one of the most stable economies in the world with high investment grade credit ratings from key international agencies S&P, Fitch and Moody’s.

According to the Global Competitiveness Index, the Emirate has the second largest economy in the Arab world, while the Institute for Global Enterprise and Development ranks it as the most business-friendly country in the region.

In recent years, Qatar has increased local production and developed new trade routes. This allowed Doha to weather the fluctuations in the oil market and the pandemic.

Thus, the country ranked third in terms of food security in the Middle East and 30th in the world in the Global Food Security Index for 2022, compiled by the Economist Intelligence Unit.

The construction sector is becoming a powerful "engine" of Qatar’s economic growth. The Qatari authorities are developing airport, port and logistics infrastructure, directing significant investments into these areas.

The location in the center of the Persian Gulf region allows access to adjacent markets from Africa to Asia. According to experts, within a radius of 3 thousand km from Doha there are 25 economies with a total GDP of US$6 trillion and 2 billion consumers.

Tourism is also identified as a potential point of growth for the Qatari economy. Its contribution to GDP by 2030 should increase to 5% due to an increase in the total number of tourists to 7 million.

The Qatari government provides significant opportunities for the development of innovative research and development activities. In particular, priority attention is paid to such strategic areas as: healthcare, energy, social sphere, digital technologies and agriculture.

It should be noted that the increase in cooperation with Doha has become a consistent implementation of the policy of diversifying foreign economic relations, searching for new markets for goods of national producers and sources of investment for the dynamically developing economy of Uzbekistan.

Interaction with Qatar can bring many benefits to Uzbekistan in various areas of the economy and social life. This helps to expand the export potential, as well as increase the competitiveness of Uzbek goods and services in the world market.

Qatar’s experience in doing business and developing innovation and tourism will be in demand to achieve the future well-being of our people, as well as tangible practical results in these areas.

The relevance of strengthening trade and economic ties between Uzbekistan and Qatar is strategically important in the context of modern world processes. Implementation of joint projects and the initiation of new proposals for expanding multifaceted cooperation is of particular importance for giving a new impetus to the development of economic relations in the space of Central Asia and the Middle East.

This, in turn, opens up favorable opportunities for the implementation of regional infrastructure projects and the development of international transport corridors that are designed to connect the countries of the two regions.

In general, the Uzbek-Qatari summit held in Samarkand opened a new era of mutually beneficial cooperation between the two countries, filling it with concrete content. At the same time, the implementation of the agreements reached and joint investment projects will give a positive impetus to strengthening trade and economic cooperation between Uzbekistan and Qatar.

Sarvar Kamolov,

Chief Researcher

Institute for Strategic

and interregional studies

under the President of the Republic of Uzbekistan