Uzbekistan and Kuwait Sign Memorandum to Simplify Trade Procedures

During the meeting, opportunities for large Kuwaiti companies in the free economic zones of Uzbekistan were outlined, including tax, customs benefits and preferences, access to raw materials and utilities.

Photo: akipress.com

A meeting of the Uzbek-Kuwaiti intergovernmental commission took place in Tashkent, where the parties signed agreements on trade, economic, scientific, and technical cooperation, according to Uzbekistan's Ministry of Investment, Industry, and Trade, The Caspian Post reports citing Akipress.

Minister of Investment, Industry and Trade Laziz Kudratov and Minister of Finance, State Minister of Economy and Investment of Kuwait Noura Suleiman Al-Fassam reviewed the current state of trade, economic and investment partnership between the two countries.

Laziz Kudratov noted the importance of signing an agreement on preferential trade, expanding cooperation in the field of e-commerce, as well as holding exhibitions "Made in Uzbekistan", "Made in Kuwait".

Minister Noura Suleiman Al-Fassam expressed her readiness to provide comprehensive support to new initiatives, ensure timely implementation of existing agreements and facilitate the attraction of Kuwaiti companies to Uzbekistan.

In addition, during the meeting, opportunities for large Kuwaiti companies in the free economic zones of Uzbekistan were outlined, including tax, customs benefits and preferences, access to raw materials and utilities. As a result, the parties agreed to develop an industrial cooperation program and an agreement on bilateral investment treaties in the very near future.

A memorandum on simplifying trade procedures, as well as the minutes of the first meeting of the Uzbek-Kuwaiti intergovernmental commission were signed following the talks.