Uzbekistan, UAE set up US$ 1 billion investment fund

Uzbekistan and the UAE today at the bilateral business forum signed an agreement setting up a US$ 1 billion joint investment fund. The fund is intended to finance various sector projects in Uzbekistan.

Uzbek Deputy PM Sukhrob Kholmurodov, in his opening remarks at the business forum, stated that in the near future the parties plan to sign over US$ 3 billion worth of deals. “This is not the limit, but only the beginning. I hope that our business executives will manage to increase this figure significantly”.

“We can be very helpful to each other. It is the promotion of economic cooperation, particularly attracting investment and promoting trade are the two priorities for Uzbekistan. Despite the huge potential, it is not yet fully tapped. We share common interest which is to promote mutually beneficial ties,” Kholmurodov added.

The trade volume between Uzbekistan and the United Arab Emirates in 2017 reached US$ 110.3 million (exports - 42.6 million, imports - 67.3 million). Uzbekistan’s main export items are cotton fiber, silk, agricultural products and services, while mechanical and electrical equipment, coffee, tea, furniture, vehicles, groceries, clothing and sports equipment are imported from the United Arab Emirates.

Currently, there are 92 enterprises in Uzbekistan established with the UAE investments, of which 36 are with 100% the UAE capital.