The parties noted a significant surge in economic cooperation at the first meeting of the Uzbekistan-Kuwait Intergovernmental Commission, which took place in Tashkent. Over the past 5 years, bilateral trade has increased fivefold, and a memorandum on simplification of trade procedures was signed to maintain this trend, the press office of the Government of Uzbekistan reported.
Minister of Investment, Industry and Trade of Uzbekistan Laziz Kudratov and Minister of State for Economic and Investment Affairs of Kuwait Nora Suleiman Al-Fassam chaired the meeting.
Though 7 enterprises with Kuwaiti capital are operating in Uzbekistan, the ministers believe that the potential for cooperation has not been used to the fullest. Laziz Kudratov highlighted the need to develop e-commerce and work towards removing existing barriers to trade.
The parties agreed to ramp up cooperation in the banking and financial sectors, the participation of Kuwaiti companies in the privatisation programme of Uzbekistan, agriculture, tourism, transport and logistics and environmental protection.
