Kuwait and Uzbekistan Strengthen Ties and Trade Relations

On Sunday, the Kuwait Chamber of Commerce and Industry (KCCI) emphasized the strong partnership between Kuwait and Uzbekistan, highlighting their mutual respect, trade, and investment ties. Uzbekistan is seen as an economic hub in Central Asia, while Kuwait serves as a financial gateway in the Gulf region.

The chamber stated in a press announcement on the occasion of organizing the Kuwaiti-Uzbek Business Forum, where the guest delegation was headed by the Minister of Investment, Industry and Trade, Laziz Kudratov, in the presence of Kuwaiti businessmen, that the reforms in Uzbekistan present excellent opportunities for Kuwaiti investors across various sectors, The Caspian Post reports citing foreign media.

It pointed out that the energy and renewable energy sectors have great potential, while agriculture and food security provide other promising areas. Meanwhile, the tourism and hospitality sector is witnessing expansion as Uzbekistan’s rich cultural and Islamic heritage attracts visitors from all over the world, and the Islamic banking sector offers areas for cooperation.

For his part, Minister Kudratov stated, according to the announcement, that Uzbekistan achieved export growth of about 20 percent during the past year, highlighting that his country is rich in substantial natural resources such as gold, copper, uranium, and natural gas. The Uzbek minister added that his country has implemented many reforms in state systems, including tax laws, market liberalization, investment incentives, reducing government procedures, and public-private partnership projects.

He disclosed that the volume of foreign investments in Uzbekistan reached approximately $34.9 billion until last year, noting that the most significant industries are textiles, chemical industries, food, and agricultural products. The Investment Promotion Authority presented a report during the forum on the vision of “New Kuwait 2035” and addressed projects and partnerships in various sectors. Meanwhile, the exhibition “Made in Uzbekistan” was held at the conclusion of the forum, and bilateral meetings took place between business owners from the two friendly countries.