Uzbekistan and Kuwait have signed a memorandum of understanding aimed at facilitating trade between the two nations. The agreement was formalized during the Uzbek-Kuwaiti Intergovernmental Commission on Trade, Economic, and Scientific-Technical Cooperation meeting.
Uzbekistan and Kuwait have signed a memorandum of understanding aimed at facilitating trade between the two nations. The agreement was formalized during the Uzbek-Kuwaiti Intergovernmental Commission on Trade, Economic, and Scientific-Technical Cooperation meeting.
This move signifies a strategic step toward enhancing partnerships in key economic sectors, promising mutual growth and development.
Leading the discussions were Minister of Investment, Industry, and Trade of Uzbekistan, Laziz Kudratov, and Kuwait’s State Minister of Economy and Investment, Noura Suleiman Al-Fassam.
The meeting covered the current state of trade and economic ties, with plans laid out to draft an Industrial Cooperation Program and finalize a bilateral investment treaty. Discussions also delved into expanding collaboration in banking, finance, agriculture, tourism, transport and logistics, and environmental protection. Kuwait expressed interest in participating in Uzbekistan’s privatization efforts.
Trade turnover between Uzbekistan and Kuwait has surged over fivefold in the past five years, largely driven by exchanges of food products, chemical goods, and services. Currently, seven Kuwaiti-backed enterprises are operational in Uzbekistan, further underscoring the strengthening economic relationship.
This agreement is seen as a pivotal development, reinforcing the foundation for long-term cooperation in diverse sectors.
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