Tashkent, Uzbekistan (UzDaily.com) —  On 21 November 2024, Tashkent hosted a meeting of the Uzbekistan-Kuwait Intergovernmental Commission on Trade, Economic, and Scientific-Technical Cooperation. The session was chaired by Laziz Kudratov, Minister of Investments, Industry, and Trade of Uzbekistan, and Noura Sulaiman Al-Fassam, Kuwait’s State Minister for Economy and Investment.

During the meeting, the current state of trade, economic, and investment partnerships between the two countries was reviewed, and specific measures for further strengthening cooperation were outlined.

Over the past five years, trade turnover between Uzbekistan and Kuwait has grown more than fivefold, driven by increased exports of food products, chemical goods, and services. Currently, seven enterprises with Kuwaiti capital are operating in Uzbekistan.

In his address, Minister Laziz Kudratov emphasized the need for comprehensive efforts to unlock the full potential of Uzbekistan-Kuwait partnerships. He identified key areas of collaboration, including expanding the range of traded goods, drafting a Preferential Trade Agreement, enhancing e-commerce cooperation, removing trade barriers, and organizing mutual exhibitions under the banners "Made in Uzbekistan" and "Made in Kuwait."

Discussions also explored opportunities for major Kuwaiti companies to benefit from tax and customs incentives, as well as access to raw materials and engineering infrastructure in Uzbekistan’s free economic zones (FEZ). Conversely, Uzbek companies were encouraged to use their expertise to establish production facilities in Kuwait’s FEZs. An agreement was reached to develop an Industrial Cooperation Program and a Bilateral Investment Agreement in the near future.

The meeting also resulted in joint positions on expanding collaboration in the banking and financial sectors, involving Kuwaiti companies in Uzbekistan’s privatization initiatives, and addressing issues related to agriculture, tourism, transportation, logistics, and environmental protection.

Noura Sulaiman Al-Fassam commended Uzbekistan’s efforts to improve its business climate, enhance economic openness, and safeguard investor rights. She expressed readiness to support new initiatives and facilitate the entry of Kuwaiti companies into Uzbekistan.

The event concluded with the signing of a Memorandum on Trade Facilitation and the protocol of the commission’s first meeting. These agreements open new opportunities for advancing partnership in key economic sectors, fostering mutual growth for both nations.