DIEZ And Ministry Of Investment, Industry, And Trade Of Uzbekistan Collaborate To Drive Growth Of Digital Trade

The Dubai Integrated Economic Zones Authority (DIEZ) has recently inked a memorandum of understanding (MoU) with the Ministry of Investment, Industry, and Trade of the Republic of Uzbekistan. This strategic alliance is set to enhance collaboration, strengthen strategic partnerships, and boost trade exchange volumes between the UAE and Uzbekistan, thereby propelling economic growth in both nations.

This significant partnership was formalised during an official visit by a DIEZ delegation to Tashkent, the Uzbek capital. The meeting saw Laziz Kudratov, the Uzbek Minister of Investment, Industry, and Trade, hosting Dr. Mohammed Al Zarooni, Executive Chairman of DIEZ, along with other high-ranking officials from both sides.

Under this MoU, both entities have pledged to support companies specializing in digital technology and sustainability within their respective countries. This includes the creation of a joint digital platform to facilitate constructive cooperation and mutually beneficial partnerships between Uzbek companies and their DIEZ counterparts. This initiative will leverage the expertise of Dubai CommerCity, a free zone dedicated to e-commerce and a part of DIEZ.

Dr. Mohammed Al Zarooni expressed DIEZ's commitment to enhancing the relationship between the UAE and Uzbekistan. This includes supporting leadership initiatives and boosting cooperation between economic free zones in Dubai and Uzbekistan. Al Zarooni also invited Uzbek companies to explore the benefits offered by DIEZ's economic zones, highlighting Dubai's conducive economic environment for business growth and diverse investments.

Laziz Kudratov reiterated Uzbekistan's dedication to strengthening economic ties with the UAE for mutual growth and prosperity. He emphasized the importance of enhancing bilateral relations to advance trade exchanges and foster partnerships within both business communities.

The visit also included meetings with Uzum company leaders, the Chamber of Commerce, and tours to Tashkent Pharma Park and Angren FEZ to explore investment opportunities and potential partnerships.

In a move to further cement bilateral relations, January 2024 saw the signing of another MoU between the UAE and Uzbekistan for mutual exemption from entry visas for holders of diplomatic, special, VIP, and regular passports. This agreement aims to ease travel between the two countries and foster joint cooperation across various sectors. Currently, there are over 50 weekly flights connecting Uzbekistan with the UAE.

The flourishing bilateral relations are underscored by a record 104 percent growth rate in non-oil foreign trade between the two countries in 2022, reaching a value of US$993 million compared to US$487 million in 2021. UAE's non-oil exports to Uzbekistan also saw a significant increase, reaching about US$92 million in 2022—a 190 percent growth from the previous year.

With inputs from WAM