Azernews.Az

By Abdul Kerimkhanov

Expansion of trade and economic cooperation is the priority in relations between Uzbekistan and the United Arab Emirates.

Deepening cooperation between the countries became the main topic of the meeting between Uzbek leader Shavkat Mirziyoyev and Vice President, Prime Minister of the United Arab Emirates, Emir of Dubai Sheikh Muhammad bin Rashid Al Maktum.

During the visit of Mirziyoyev to the United Arab Emirates, the parties reached agreements totaling more than $10 billion. The event took place in the Qasr Al-Vatan Palace in Abu Dhabi.

“A joint statement was adopted between Uzbekistan and the UAE. The parties exchanged signed documents on cooperation in the areas of investment, finance, alternative energy, industrial and infrastructural development, agriculture, and customs administration. In general, during the visit, agreements were reached totaling more than $ 10 billion,” the press service said.

According to official data, the trade turnover between Uzbekistan and the United Arab Emirates amounted to almost $ 400 million in 2018. The commission has been tasked in the coming years to bring the figure up to $ one billion, increase the supply of goods, implement joint projects for the processing of raw materials and the manufacture of products with high added value.

The Uzbek president noted that this figure increased compared with previous years, however, given the potential of the parties, it is not enough. In this regard, the sides discussed issues of comprehensive expansion of bilateral cooperation, strengthening practical cooperation in the trade and economic, investment, innovation, banking, financial, cultural, humanitarian and other fields.

During the talks, Mirziyoyev said that the United Arab Emirates in a short historical period of time (50 years) has done a “miracle” in the desert, the country had become one of the world centers of an economy, innovation, trade, finance and tourism.

"The results of the third meeting of the Uzbek-Emirates Intergovernmental Commission on trade, economic and scientific and technical cooperation, held in Tashkent on March 12, are positively evaluated," the publication says.

After the talks, the ceremony of the exchange of signed documents took place. The list includes an agreement on the creation of a joint investment company, agreements on infrastructure modernization in the city of Samarkand and the organization of a modern agrocluster, bilateral documents on cooperation in the field of agriculture and logistics.

Particular attention was paid to tourism. According to official data, the mausoleums of the ancestors of the Uzbek people and the nature of the country cause great tourist interest among residents of the Emirates. In 2018, the number of tourists from the UAE who visited Uzbekistan increased by 1.5 times.

On the eve of his official visit to the UAE, Mirziyoyev signed a decree according to which, a visa-free regime was introduced for citizens of the UAE for a period of 30 days, and entrepreneurs will be issued multiple annual visas from March 20.

In addition, UAE citizens visiting Uzbekistan for business purposes will be issued multiple-entry visas for up to one year within three business days, not counting the day of receiving the documents. Also, the requirement to appeal to the inviting legal entity in Uzbekistan to the Foreign Ministry is abolished.

Diplomatic relations between Uzbekistan and the United Arab Emirates were established on October 25, 1992.

Uzbekistan and the United Arab Emirates have created a joint fund of foreign direct investment worth $ 1 billion on October 3, 2018.

Currently, Uzbekistan has more than 90 enterprises established with the participation of UAE investments, 36 of them with 100 percent 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 sports equipment.

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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94

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