Why is this important
The UAE remains one of Uzbekistan’s largest partners among Gulf countries in investments in energy, infrastructure, and private sector development. Expanding cooperation with Emirati companies allows for the attraction of financing, technology, and experience in managing large projects. Support for joint initiatives at the level of governments and relevant ministries also strengthens Uzbekistan’s position as a platform for long-term foreign investment.
What happened
- The Ambassador of Uzbekistan to the United Arab Emirates, Umid Shodiev, held a meeting with the UAE Minister of Energy and Infrastructure, Suhail Muhammad Al Mazrouei.
- The parties discussed the implementation of joint projects in the energy and infrastructure sectors with the participation of Emirati companies.
- During the negotiations, issues of expanding bilateral economic cooperation and coordinating new initiatives between the governments of the two countries were also discussed.
Numbers and facts
- During the meeting, the parties discussed projects in the energy and infrastructure sectors implemented in Uzbekistan with the participation of companies from the UAE.
- The Emirati side emphasized that the close and trusting relations between the leaders of the two states create a foundation for further expansion of cooperation.
- UAE representatives noted the economic reforms being carried out in Uzbekistan and the development of the private sector under the leadership of President Shavkat Mirziyoyev.
- Digitalization processes, the implementation of artificial intelligence technologies in various industries, and the improvement of the legislative framework were specifically noted.
- A mechanism for monitoring the implementation of joint projects operates at the level of the governments of Uzbekistan and the UAE.
- New initiatives between the two countries are coordinated through this interaction mechanism.
- During the negotiations, it was also recalled that the Abu Dhabi Uzbek Investment company was established in 2019.
- The parties view the company as a tool for joint financing of promising projects in Uzbekistan.
- Following the meeting, the UAE Minister of Energy and Infrastructure expressed readiness to participate in the 5th Tashkent International Investment Forum.
Context
- For Uzbekistan, this means maintaining high interest from Emirati investors in energy and infrastructure projects within the country.
- The existence of a separate mechanism for project coordination between governments allows for accelerated coordination of initiatives and investment support.
- For businesses, developing cooperation with the UAE could mean the emergence of new joint projects in energy, digitalization, and infrastructure with the involvement of foreign capital.
- At the same time, the participation of UAE representatives in international investment events in Tashkent supports the promotion of Uzbekistan as a regional investment platform.
