TASHKENT, Uzbekistan, November 22. Uzbekistan and Kuwait signed a memorandum on trade facilitation, TurkicWorld reports.
The document was signed during the meeting of the Uzbek-Kuwaiti Intergovernmental Commission on Trade, Economic, and Scientific-Technical Cooperation. The agreement marks a significant step forward in fostering partnerships in priority sectors of both economies, paving the way for mutual growth and development.
The delegations of the two countries were led by high-ranking officials, with Minister of Investment, Industry, and Trade of the Republic of Uzbekistan Laziz Kudratov representing the Uzbek side and State Minister of Economy and Investment of Kuwait Noura Suleiman Al-Fassam heading the Kuwaiti delegation.
Discussions focused on the current state of trade, economic, and investment cooperation, resulting in agreements to draft an Industrial Cooperation Program and finalize a bilateral investment treaty in the near future.
Both sides explored opportunities in banking and finance, Kuwaiti participation in Uzbekistan's privatization initiatives, and collaboration in agriculture, tourism, transport and logistics, and environmental protection.
Meanwhile, trade turnover between the two countries has increased more than fivefold over the past five years, driven by mutual trade in food products, chemical goods, and services. Currently, seven enterprises with Kuwaiti capital are operating in Uzbekistan, reflecting the growing economic ties.
