The UAE Ministry of Investment and the Ministry of Investment, Industry, and Trade of the Republic of Uzbekistan have entered into a new Memorandum of Understanding (MoU) in order to reinforce economic collaboration between the two nations.
This agreement reflects the shared commitment of the UAE and Uzbekistan to strengthen relations and promote bilateral cooperation. Further, the MoU establishes a comprehensive framework for investment cooperation, emphasizing key sectors such as renewable power generation, transmission, and distribution in Uzbekistan.
The main purpose of the MoU is to create a foundation of good-faith investment through exchanging technical knowledge, advice, skills, and expertise between the two nations.
According to the statement, “It sets the stage for closer relationships between relevant government agencies, sub-national governments, regulatory authorities, and private sector enterprises of both nations, with a focus on the identified areas of collaboration.”
Mohamed Hassan Al Suwaidi UAE Minister of Investment
“The signing of this Memorandum of Understanding marks a new chapter in the relations between the UAE and Uzbekistan. Our collaboration in renewable energy and other vital sectors aligns seamlessly with the UAE’s mission to accelerate initiatives championing sustainable development within our borders and on the international stage. This agreement reflects our commitment to economic progress, environmental stewardship, and mutual prosperity, contributing to a bright future for both nations.”
As part of the MoU, the two nations have committed to exploring and deepening their economic partnership, as well as collaborating on investment, policy research, certification developments, research and development, and innovation across the proposed fields.
The MoU also encourages the exchange of publicly available information, the exploration of import and export opportunities, and the development of joint studies and programs.
To ensure effective implementation, the UAE and Uzbekistan will develop a joint work plan and mechanisms for follow-up. Designated entities and individuals will be nominated by both parties to oversee the execution of the agreement.
