The Dubai Integrated Economic Zones Authority (DIEZ) signed a memorandum of understanding (MoU) with the Ministry of Investment, Industry, and Trade of the Republic of Uzbekistan.
The MoU aims to foster collaboration, enhance strategic partnerships, and increase the volume of trade exchange between the UAE and Uzbekistan, driving economic growth in both countries.
Digital Technology and Sustainability
In line with the MoU, both parties are committed to bolstering companies specializing in digital technology and sustainability sectors in the UAE and Uzbekistan, aiming to foster digital commerce development. The agreement includes establishing a joint digital platform for Uzbek companies and counterparts from the Dubai CommerCity, leveraging opportunities for cooperation and partnerships.
Dr. Mohammed Al Zarooni emphasized DIEZ's dedication to strengthening UAE-Uzbekistan relations, supporting leadership, and enhancing cooperation between economic free zones. DIEZ aims to fortify trade ties across sectors, inviting Uzbek companies to benefit from incentives and facilitations, fostering growth in the UAE and MENA region.
Al Zarooni highlighted Dubai's supportive economic environment, aligning the MoU with DIEZ's objectives to advance Dubai's economic landscape.
His Excellency Laziz Kudratov reiterated Uzbekistan's commitment to enhancing economic ties with the UAE, emphasizing mutual prosperity. He highlighted Dubai's role in facilitating Uzbek exports to the UAE and Middle Eastern markets, urging UAE businesses to explore opportunities in sectors like F&B, pharmaceuticals, and infrastructure in Uzbekistan.
Field Visit
During the DIEZ delegation's visit to Uzbekistan, they met with Uzum company's leadership, the Chamber of Commerce, and visited Tashkent Pharma Park and the Angren FEZ. The purpose was to explore best practices, investment opportunities, and potential partnerships between the parties.
In January 2024, the UAE and Uzbekistan signed a MoU to exempt holders of diplomatic, special, VIP, and regular passports from entry visas, facilitating travel and strengthening bilateral relations. Over 50 weekly flights connect Uzbekistan and the UAE.
Bilateral relations are flourishing, evidenced by a record growth rate of 104% in non-oil foreign trade between the UAE and Uzbekistan in 2022. Trade exchanges reached USD 993 million, with UAE non-oil exports to Uzbekistan totaling about USD 92 million, marking a growth rate of 190% compared to 2021.
News Source: Dubai Media Office
