Kuwait, Uzbekistan sign deal to facilitate trade, aim for closer ties

Kuwait: Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam highlighted the importance of strengthening and developing the economic and trade relations between Kuwait and Uzbekistan. Her statement came following the conclusion of the first session of the Kuwait-Uzbekistan Joint Committee for Economic, Trade, and Scientific Cooperation, which was held in Tashkent, Uzbekistan from November 19 to 21, 2024.

Minister Al-Fassam emphasized that the current phase requires focused efforts to foster closer economic ties by creating a conducive environment for business communities in both countries, capitalizing on the available opportunities in various sectors that align with each nation’s development goals. She noted the potential for creating mutually beneficial partnerships that will contribute to the economic prosperity of both nations.

The minister explained that the meeting of the joint committee takes place at a time when relations between Kuwait and Uzbekistan are growing, underlining the significance of the committee’s discussions in advancing cooperation between the two countries in key sectors such as trade, industry, investment, and development, among others.

According to the ministry’s statement, a memorandum of understanding was signed during the committee’s meetings to facilitate trade between the two countries. This agreement aims to eliminate trade barriers and work towards increasing bilateral trade volumes. Additionally, the minutes of the first session of the Kuwait-Uzbekistan Joint Committee were signed, outlining a plan of action for the upcoming period, along with initiatives to further enhance cooperation in various fields.

Minister Al-Fassam led the Kuwaiti delegation, while the Uzbek side was headed by Minister of Investment, Industry, and Trade, Laziz Kudratov, and included representatives from various relevant governmental bodies from both countries.