Tashkent, Uzbekistan (UzDaily.com) — From 16 to 18 September 2024, a delegation from Uzbekistan, led by Deputy Minister of Investments, Industry, and Trade Shokhrukh Gulamov, visited the UAE. The delegation held roadshows and bilateral negotiations with major Emirati private companies and sovereign funds in Dubai and Abu Dhabi.

Meetings were also held with the UAE Minister of Energy and Infrastructure, representatives of the Ministry of Investments, and the Abu Dhabi and Dubai Chambers of Commerce.

The discussions focused on large-scale reforms implemented in Uzbekistan to improve the investment climate, such as reducing tax burdens, abolishing customs duties, eliminating the licensing of several business activities, and enhancing legislative protections for investors.

Uzbekistan showcased its economic progress, including a tripling of foreign direct investment since 2017, steady economic growth of 6%, industrial growth of 8%, and a doubling of export volume. The nation’s goals include achieving a GDP of US$160 billion, per capita income of US$4,000, and accession to the World Trade Organization (WTO).

During the meetings, 63 public-private partnership (PPP) projects worth over US$30 billion and 21 assets for privatization in priority sectors were presented. Emirati companies expressed strong interest in entering the Uzbek market and shared their visions and plans for collaboration.

As a result of the visit, several agreements and partnerships were reached, involving Emirati companies in Uzbekistan’s privatization program and PPP projects.