Uzbekistan, UAE sign deals worth $120 million in a joint program of investment cooperation

Monday 09 Mar 2015 - 15:24 Makkah mean time-18-5-1436

Uzbekistan, UAE sign deals worth $120 million in a joint program of investment cooperation (Google image)

Abu Dhabi, (IINA) - Uzbekistan and the United Arab Emirates have reached an agreement on a joint program of investment cooperation with leading UAE companies, organization of mutual visits of business circles, and implementation of financial and technical assistance projects worth US $119.5 million, news agencies reported Monday.

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, while an UAE delegation - Sultan Al Mansouri, minister of economy.

The Uzbek delegation held the talks with Sheikha Lubna Al Qasimi, UAE minister of International cooperation and development, Mohammed Al Suwaidi, executive director of the Abu Dhabi Fund for Development, as well as the heads of a number of organizations and companies in Abu Dhabi.

The Uzbek-UAE (IECC) discussed issues of expanding trade and economic relations, increasing bilateral trade, implementation of investment projects to create high-tech production facilities in Uzbekistan, expansion of financial and technical cooperation, and cooperation in the tourism and transport sectors.

According to the Chamber of Commerce and Industry of Uzbekistan, the trade turnover between Uzbekistan and the UAE amounted to $188.6 million in 2012.

Foreign trade companies of the Uzbek ministry of foreign economic relations, investment and trade signed export contracts with UAE companies for the supply of goods worth more than $73 million.

According to official statistics, Uzbekistan exports to the United Arab Emirates raw cotton, silk, and agricultural products, and imports mechanical and electrical equipment, coffee, tea, furniture, plastic and rubber products, motor vehicles, clothing, and sports equipment.

SM/IINA

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