Uzbekistan, Kuwait Inks Memorandum to Boost Trade Facilitation

Photo: Uzbekistan's Ministry of Investment, Industry and Trade

Uzbekistan and Kuwait have signed a memorandum to facilitate trade between the two countries, The Caspian Post reports.

The document was signed to facilitate trade during a meeting of their Intergovernmental Commission on Trade, Economic, and Scientific-Technical Cooperation. The agreement aims to enhance partnerships in key sectors, supporting mutual growth.

High-ranking officials led the delegations, with Uzbekistan's Minister of Investment, Industry, and Trade, Laziz Kudratov, and Kuwait's State Minister of Economy and Investment, Noura Suleiman Al-Fassam, representing their countries. The discussions focused on strengthening trade, economic, and investment ties, with agreements to develop an Industrial Cooperation Program and finalize a bilateral investment treaty.

The talks also explored opportunities in banking, privatization, agriculture, tourism, transport, logistics, and environmental protection. Trade between the two nations has increased more than fivefold in the past five years, driven by food products, chemicals, and services. Currently, seven Kuwaiti-owned businesses operate in Uzbekistan, signaling growing economic cooperation.