UAE, Kyrgyzstan join to strengthen their economic cooperation

UAE, Kyrgyzstan join to strengthen their economic cooperation

The governments of the UAE and Kyrgyzstan agreed to strengthen their economic cooperation and enlarge the scope of their business and investment partnerships in the areas of agriculture, food security, food industries, energy, renewable energy, information technology, innovation, tourism, culture, logistical transport, industry, entrepreneurship, Islamic finance, Islamic securities, banking services and education.

Abdullah bin Touq Al Marri, Minister of Economy, said that the deep-rooted bilateral ties between the UAE and Kyrgyzstan are witnessing significant overall development, most notably in economic, commercial and investment areas. He highlighted the recent mutual high-level official visits between the two sides supported by the keenness of their leadership to reinforce their relations.

He made this statement during the meetings of the second edition of the joint economic committee between the two countries, which was held in Abu Dhabi and jointly chaired by Al Marri and Akylbek Japarov, Chairman of the Cabinet of Ministers of Kyrgyzstan.

The meetings were attended by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Juma Mohammed Al Keet, Assistant Under-Secretary for Foreign Trade Affairs at the Ministry of Economy; Abdullatif Juma Bayev, Ambassador of Kyrgyzstan to the UAE; and Kanat Abdulrahmanov, Deputy Minister of Economy and Trade of Kyrgyzstan, with the participation of several representatives of federal and local government agencies, business leaders and the private sector from both countries.

The meetings witnessed the signing of several Memorandums of Understanding (MoU) between the two sides in several areas, including in industry, renewable energy and the food sector. The committee also agreed to facilitate export and import procedures between the two countries.

Al Marri said that the UAE was Kyrgyzstan’s leading trade partner in the Gulf Cooperation Council (GCC) region in 2021. Their non-oil trade exchange amounted to more than AED3.67 billion over nine months in 2022, an increase of 66 percent compared to the same period in 2021.

Tourism between the two countries also saw significant advancement in terms of the number of tourists and flights, with over 16,000 Emirati tourists visiting Kyrgyzstan in 2021. In this regard, they highlighted the importance of their ongoing cooperation in the tourism sector.

Japarov said that the meetings were successful, and added that the two sides reached agreements that would strengthen their cooperation in investment, trade, economic, tourism and agricultural areas.

Al Zeyoudi said that Kyrgyzstan is a key economic destination for the UAE in Central Asia. Their non-oil trade witnessed significant advancement in recent years, rising from AED1.14 billion in 2017 to AED3 billion in 2021, an increase of 164 percent while Emirati non-oil exports to Kyrgyzstan increased to 705 percent in the same period.

Emirati re-exports to Kyrgyzstan reached a value of AED3 billion in the first nine months of 2022, a growth of 81 percent compared to the same period in 2021 while national non-oil exports to Kyrgyzstan reached AED410 million during the first nine months of this year, a growth rate of 203 percent compared to the same period in 2021.

Mutual FDIs increase

The two sides agreed to establish mechanisms and new action plans that would increase the mutual foreign direct investments between the two countries in areas of common interest.

Boosting future cooperation in energy, renewable energy

The committee discussed strengthening future cooperation in the areas of energy and renewable energy and capitalising on the UAE’s relevant expertise, which would ensure a sustainable future for the energy sectors of both countries. The two sides also agreed to begin phase one of a 200-megawatt photovoltaic solar power plant in Kyrgyzstan.

Committee agree to increase tourism exchange

The committee also agreed to enhance the tourism cooperation between the UAE and Kyrgyzstan in the areas of travel, aviation and hospitality, as well as increase the number of tourists and flights between the two countries.

Encouraging investment in new economic sectors

Under the framework of supporting the UAE’s vision to invest in new economic sectors, the committee discussed potential investment opportunities in the areas of technology, industry, cybersecurity, artificial intelligence, innovation and manufacturing.

Exchange of expertise in medical sciences

The two sides agreed to exchange expertise, knowledge and training in medical sciences, most notably in genetics and genome research.

Enhancing cooperation in education

The two sides agreed to enhance their cooperation in education, as part of an agreement signed by the ministries of education of the two countries.

News Source: Emirates News Agency

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