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Tashkent, Abu Dhabi sign $120 million worth projects-deal

5 March 2015 13:41 (UTC+04:00)
Tashkent, Abu Dhabi sign $120 million worth projects-deal

By Sara Rajabova

Uzbekistan and the United Arab Emirates have agreed on the launch of projects at an earmarked value of $119.5 million.

The agreement was reached during a visit of the Uzbek delegation led by Elyor Ganiev, the minister of foreign economic relations, investment and trade to the UAE on March 1-3 to participate in the second session of the joint intergovernmental commission on economic cooperation, Uzbek media reported.

Sultan Saeed Al Mansouri, the minister of economy of the UAE said the fruitful visit of high level to the UAE in March 2008 created firm bases for development and strengthening of bilateral relations, more specifically in economic directions.

He also highly rated economic reforms in Uzbekistan directed at diversifying all sectors of the economy and modernizing the industry sector as to create a favorable investment climate while expanding business opportunities. Al Mansouri said the UAE pays important attention and will do its best to expand trade and investment relations with Uzbekistan.

The session considered issues of expanding trade-economic relations, including proposals on increasing trade turnover, realizing investment projects on creating high technological production capacities in Uzbekistan, expanding financial-technical cooperation, interaction in tourism and transport sectors.

The sides reached an agreement on the adoption of a joint program of investment cooperation with leading UAE companies and the organization of mutual visits of business circles, as well as the realization of projects in financial and technical assistance for over $119.5 million.

Foreign trade companies of the MFERIT signed export agreements with the UAE companies on supply of goods for $73.9 million within the session of the commission.

Trade turnover between Uzbekistan and the UAE hit $188.6 million in 2012, the Chamber of Commerce and Industry of Uzbekistan said.

Some 68 companies, created with UAE capitals are carrying out their activities in Uzbekistan, part of which are wholly owned companies with UAE capital.

Uzbekistan's main exports consist of raw cotton fiber, silk, agricultural products and services, import from the UAE consists of mechanical and electrical equipment, coffee, tea, furniture, plastics and rubber products, vehicles, clothing and sport equipment.

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Sara Rajabova is AzerNews’ staff journalist, follow her on Twitter: @SaraRajabova

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