Sheik Mohammed, Uzbek President Sign Major Trade Agreements
Sheik Mohammed bin Rashid Al Maktoum and President Shavkat Mirziyoyev held the most important talks to improve bilateral cooperation between the UAE and Uzbekistan. Senior officials from both nations attended the high-level meeting that led to a strategic partnership declaration. This complete agreement covers key sectors like economic cooperation, trade, investment, and green development. Both leaders explored new opportunities for working together in green and circular economies, technology, renewable energy, and space exploration. The partnership focuses on agriculture, food security, and defense while aiming to increase tourism delegations and flights between both countries.
Historic Trade Deal Marks New Era in UAE-Uzbekistan Relations
UAE and Uzbekistan signed several agreements in a major ceremony in Abu Dhabi. Minister Laziz Kudratov and UAE Minister Suhail Mohamed Al Mazrouei led the proceedings. The bilateral relationship has grown remarkably. Non-oil foreign trade jumped 104% to USD 993 million in 2022.
This economic partnership includes key sectors:
- Energy and infrastructure development
- Healthcare and medical services
- Agriculture and food security
- Transportation and logistics
- Water supply management
UAE’s non-oil exports to Uzbekistan showed exceptional growth and reached USD 92 million, jumping 190% from the previous year. UAE has become Uzbekistan’s leading Arab and GCC trade partner.
Both nations agreed at the ceremony that their economic cooperation could achieve much more despite the current progress. They are implementing detailed measures to expand collaboration in multiple sectors. The nations signed 15 strategic documents to boost their investment partnership.
The Joint Economic Committee (JEC) is a vital platform that advances bilateral relations. It focuses on implementing outcomes from its fourth session, held in April 2021. Joint investment projects worth USD 14.69 billion are underway with major UAE entities like Masdar, Mubadala, DP World, and the Abu Dhabi Development Fund.
Strategic Sectors and Investment Opportunities
UAE and Uzbekistan have formed powerful strategic collaborations, leading to major agreements in multiple sectors. The Ministry of Agriculture of Uzbekistan and IFFCO Group signed a crucial deal to boost food security. This deal enables the IFFCO Group to export 10,000 tons of essential food products annually to Uzbekistan.
Their partnership focuses on these growth sectors:
- Agriculture and food production
- Digital infrastructure and AI development
- Cultural exchange and education
- Renewable energy solutions
- Tourism and hospitality services
Both countries are now upgrading their digital infrastructure with smart investments. Uzbekistan’s data center market shows promising growth and will reach USD 1327.04 million by 2028, growing at 9.82% between 2024 and 2028.
The cultural bonds between these nations continue to deepen. UAE’s Ministry of Culture runs programs that preserve traditional crafts and support joint educational projects. Tourism numbers paint an impressive picture – 65,000 Uzbek citizens visited the UAE in 2023, which is 30% more than the previous year.
Both nations work together on governance and digital transformation projects. They focus on modernizing public services by integrating technology and creating innovative frameworks for green development.
Economic Impact and Market Access
The UAE and Uzbekistan’s economic partnership has reached new heights over the last several years. Trade between these nations now stands at USD 6.98 billion, making the UAE one of Uzbekistan’s key trading partners.
Non-oil foreign trade has grown substantially. It reached USD 993 million in 2022, up from USD 487 million in 2021. The UAE’s non-oil exports to Uzbekistan showed exceptional results at USD 92 million, with a 190% year-over-year growth.
The economic cooperation now covers several key sectors:
- Renewable power generation
- Transportation and logistics
- Agriculture and food security
- Information technology
- Financial services
Joint projects worth over USD 14.69 billion are now active. Major UAE organizations leading these initiatives include:
- Masdar
- Mubadala
- DP World
- Abu Dhabi Development Fund
Both countries have set bold targets to expand their partnership. They want to multiply bilateral trade tenfold and grow investments to USD 50 billion by 2030. The UAE now serves as a gateway to global markets for Uzbek businesses through its extensive network of international partnerships.
This partnership has strengthened, and more than 150 UAE-funded companies are now operating in Uzbekistan. These include over 75 joint ventures and 76 enterprises fully funded by UAE capital.
UAE and Uzbekistan have built mutually beneficial alliances through substantial economic agreements. Their successful bilateral cooperation has achieved remarkable milestones. The countries saw a 104% surge in non-oil foreign trade and extensive collaboration in vital sectors.
UAE’s major entities, Masdar, Mubadala, and DP World, play active roles in joint ventures worth USD 14.69 billion. These ventures have deepened both countries’ economic bonds. The partnership spans significant areas like renewable energy, agriculture, healthcare, and digital infrastructure development.
More than 150 UAE-backed companies now operate in Uzbekistan, which expresses the growing business confidence between both nations. They share an ambitious vision to increase bilateral trade tenfold with an investment portfolio of USD 50 billion by 2030. This UAE-Uzbekistan partnership is the life-blood of sustainable economic growth and mutual prosperity.