Latest news with #LazizKudratov
Hi Dubai
2 days ago
- Business
- Hi Dubai
Dubai Chambers Strengthens Trade Ties as Uzbek Delegation Explores Investment Opportunities
Dubai Chambers hosted a high-level Uzbek delegation on Wednesday, led by Uzbekistan's Minister of Investment, Industry, and Trade, H.E. Laziz Kudratov, to explore avenues for deepening economic cooperation during the Dubai-Uzbekistan Business Seminar. The event brought together around 100 business leaders and senior government officials from both nations, creating a platform to boost bilateral trade and investment. Discussions centered on expanding commercial ties and leveraging synergies between the two markets. H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, underscored the importance of building on the growing trade momentum. 'We are eager to explore new paths for collaboration and investment to drive mutual economic growth,' he said, reaffirming the Chamber's support for Uzbek businesses looking to scale globally through Dubai. The seminar featured presentations on market opportunities in both Dubai and Uzbekistan, with a shared focus on increasing trade flows. In 2024, non-oil trade between Dubai and Uzbekistan surged by 66% to exceed AED 11.1 billion. Key Uzbek exports to Dubai include precious stones, zinc, fruits, and copper, while Dubai exports electronics, vehicles, and cosmetics to Uzbekistan. Both sides explored ways to expand this exchange, aligning with their respective economic strengths. Uzbek business presence in Dubai is also rising. Over 700 Uzbek firms were active members of the Dubai Chamber of Commerce by the end of 2024 — a 34.5% increase year-on-year — with over 60 new companies joining in Q1 2025 alone. News Source: Dubai Media Office
Zawya
2 days ago
- Business
- Zawya
Dubai Chambers hosts Dubai-Uzbekistan Business Seminar
H.E. Mohammad Ali Rashed Lootah: ' Today's seminar creates a valuable opportunity to further build upon the impressive growth in trade between Dubai and Uzbekistan. ' Non-oil trade between Dubai and Uzbekistan achieved annual growth of 66% during 2024 to exceed AED 11.1 billion. The meeting focused on strengthening collaboration, supporting business expansion, and increasing bilateral trade and investments. Dubai, UAE – Dubai Chambers welcomed a high-level delegation from Uzbekistan today led by H.E. Laziz Kudratov, Minister of Investment, Industry, and Trade of the Republic of Uzbekistan, to participate in the Dubai-Uzbekistan Business Seminar. The event, attended by around 100 businessmen, served as a platform to strengthen economic cooperation and explore opportunities to increase bilateral trade and investments. The seminar was attended by senior government officials from Uzbekistan, together with deputy ministers and governors of key Uzbek regions and prominent figures from the Dubai and Uzbekistan business communities. His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: 'Today's seminar creates a valuable opportunity to further build upon the impressive growth in trade between Dubai and Uzbekistan. We are eager to explore new paths for collaboration and investment to drive mutual economic growth. Dubai Chambers remains committed to supporting Uzbek companies in leveraging Dubai's world-class infrastructure and strategic location to accelerate their international expansion.' His Excellency emphasised Dubai Chambers' dedication to supporting the success of the Uzbek business community in Dubai and assisting Uzbek companies in harnessing the emirate's competitive advantages as a hub for connecting with global opportunities. The seminar included presentations on the business and investment landscapes in both Dubai and Uzbekistan, exploring mutually beneficial synergies and promising opportunities in both markets. Discussions also focused on increasing bilateral trade and investments between the two markets. The value of non-oil trade between Dubai and Uzbekistan achieved annual growth of 66% during 2024 to exceed AED 11.1 billion. Key Uzbek exports to Dubai include precious stones and metals, zinc, fruit and nuts, and copper, while Dubai's main exports to Uzbekistan include electronics, machinery, vehicles, precious stones and metals, and perfumes and cosmetics. During the event, the two sides discussed opportunities to boost trade exchange in line with the strengths and areas of high potential in both economies. The sessions during the event also highlighted the strong and growing presence of Uzbek companies in Dubai. By the end of 2024, over 700 Uzbek companies were registered as active members of the Dubai Chamber of Commerce, marking a robust year-over-year growth rate of 34.5%. This upward trajectory has continued into 2025, with over 60 new Uzbek companies joining the chamber during the first quarter alone, bringing fresh momentum to bilateral business ties. About Dubai Chambers Dubai Chambers is a non-profit public entity that supports Dubai's vision as a global player by empowering businesses, delivering innovative value-added services, and unlocking access to influential networks. In March 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the restructuring of Dubai Chamber of Commerce and the formation of three chambers for the emirate, namely Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy, which now operate under the umbrella of Dubai Chambers. Follow us on: For more information, please contact: Mohamad Mouzehem PR & Corporate Communications Email:
Zawya
4 days ago
- Business
- Zawya
Oman, Uzbekistan ink deals to expand air links, trade
Tashkent, Uzbekistan – Oman and Uzbekistan have signed agreements to expand air transport rights and strengthen logistical cooperation, aiming to boost trade and investment ties between the two countries. The accords were reached during the fifth session of the Omani-Uzbek Joint Committee held in Tashkent on Friday. Both sides agreed to increase operating rights for airlines, support the re-export of Uzbek products through Omani ports, and enhance cooperation in scientific research and innovation. They also pledged to facilitate exchanges between their chambers of commerce and business delegations. The Omani delegation was led by H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, accompanied by H E Wafa bint Jabr al Busaidi, Ambassador of Oman to Uzbekistan. The Uzbek side was headed by Laziz Kudratov, Minister of Investment, Industry and Trade. Talks covered ways to deepen economic and trade relations and expand collaboration in sectors including energy, agriculture, higher education, tourism and culture. Both sides emphasised stronger partnerships between the public and private sectors. During his visit, H E Yousef met Sherzod Shermatov, Minister of Digital Technology of Uzbekistan, and discussed investment opportunities and trade challenges with Uzbek businessmen. He also attended roundtable meetings where investors from both countries reviewed available projects. Omar al Harthy, Senior Investment Analyst at the ministry, delivered a presentation on 'Invest in Oman', highlighting incentives for foreign investors. The Omani delegation held further meetings with representatives of the electronic payment technology, textiles and e-commerce sectors. H E Yousef also met Bakhtiar Saidov, Minister of Foreign Affairs of Uzbekistan, to review existing bilateral agreements and discuss updating them in line with current priorities. The delegation visited the International Exhibition Centre, meeting companies in innovation and industrial technology and viewing new projects by Uzbek institutions. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Arabian Business
12-05-2025
- Business
- Arabian Business
UAE investments in Uzbekistan surge to $1.3bn in 2024, Minister Kudratov says
Investments from the United Arab Emirates into Uzbekistan have reached $1.3 billion in 2024 alone, with more than half flowing into the Central Asian nation's burgeoning energy sector, Uzbekistan's Minister of Investment, Industry, and Trade, Laziz Kudratov told Arabian Business in an exclusive interview. The investment surge underscores growing economic ties between the two countries as Uzbekistan positions itself as an emerging investment destination following sweeping economic reforms in recent years. 'In 2024 alone, the volume of investments originating from the UAE reached an impressive $1.3 billion, underscoring the strong confidence Emirati investors place in Uzbekistan's economic policy and long-term growth potential,' Kudratov said. Energy investments alone accounted for over $700 million — a clear signal of the UAE's strategic push into Central Asia's renewable energy market. The number of UAE-funded enterprises operating in Uzbekistan has grown to 337, including 114 joint ventures and 223 foreign enterprises, more than double the 150 companies reported in early 2021. This rapid expansion follows a broader trend of increasing economic cooperation between the two nations. Non-oil trade between the UAE and Uzbekistan grew 104 per cent to $993 million in 2022 compared to $487 million the previous year, with UAE re-exports to Uzbekistan surging 102 per cent to nearly $720 million. 'The energy sector attracted the lion's share of these funds — over $700 million — reflecting the UAE's global expertise in sustainable energy and large-scale infrastructure development,' Kudratov said. Masdar, Abu Dhabi's renewable energy company, has been a key player in Uzbekistan's green transition, developing what the minister described as Central Asia's largest wind farm and three utility-scale solar power plants across the country. The investments align with Uzbekistan's ambitious renewable energy targets, which aim to generate 54 per cent of the country's electricity from renewable sources by 2030. 'Uzbekistan is fully committed to shifting towards renewable energy sources. With our solar potential, we are actively developing solar and wind energy projects, making this a prime sector for investment,' the minister added. Strategic partnership formalised with $200mn fund The investment momentum has been further institutionalised through the January 2025 elevation of bilateral relations to a strategic level during President Shavkat Mirziyoyev's official visit to the UAE. A key outcome was the establishment of the Uzbekistan-Emirates Investment Company, with an investment portfolio currently valued at $200 million, focusing specifically on medicine, geology, agriculture, and tourism. 'Collectively, we have ambitious goals to enhance our strategic partnership, and we anticipate that the UAE's investment footprint in our country will continue to grow,' Kudratov said, noting that nine projects under development are valued at $140 million. The strategic partnership was underpinned by significant legal frameworks, including a bilateral investment treaty agreement that was signed during Mirziyoyev's visit, complementing an existing agreement on the avoidance of double taxation. 'A major milestone was the elevation of bilateral cooperation to a strategic level during the official visit of the President of Uzbekistan to the United Arab Emirates in January 2025,' Kudratov said. Agriculture as key investment sector Beyond energy, Kudratov highlighted agriculture as offering significant opportunities for UAE investors, citing Uzbekistan's vast agricultural potential. 'Agriculture provides investors with a real opportunity. We have around 60 million acres of arable land, and a significant part of our population is engaged in this sector meaning we have a high-skilled workforce,' he said. 'Our natural conditions also create the perfect environment for high-quality crop production. This makes Uzbekistan an ideal destination for investment in agribusiness, food processing, and agricultural exports.' UAE investors have also targeted the construction materials and chemical industries, while nearly $100 million has flowed into digital technologies as Uzbekistan seeks to establish itself as a regional IT hub. 'Digital technologies emerged as another strategic focus, receiving nearly $100 million in UAE investment. This aligns with the UAE's broader commitment to fostering innovation and digital transformation,' the minister added. Government reforms support investment climate Kudratov credited Uzbekistan's improved investment climate to sweeping reforms implemented over the past five years. 'Over the last five years, our reform program has liberalised the national economy and ignited a period of strong growth. We have established an independent energy regulator, created major privatisation projects in strategic sectors from chemicals to banking and put Uzbekistan in a position to attract investors from around the world,' he said. The government has made 'significant strides in creating a business-friendly environment through infrastructural improvements and changes in governance,' he said, including financial incentives and strengthened legal rights for investors. 'It is also worth noting that all necessary conditions for doing business have been created for investors from the United Arab Emirates, including strong institutional and political support,' Kudratov added. Joint UAE-Uzbekistan investment projects, valued at nearly $4 billion, have been implemented with the participation of major UAE companies including Masdar, Mubadala, DP World, and the Abu Dhabi Development Fund. Relations between the two countries have steadily strengthened since Uzbekistan began liberalising its economy five years ago. Investment cooperation now spans traditional and alternative energy, infrastructure, chemical industry, agriculture, transport, and logistics sectors. 'The progress of the projects is under personal supervision of the leaders of two countries that confirms the strategic nature of bilateral relations,' Kudratov said.
Yahoo
03-04-2025
- Business
- Yahoo
Fourth Tashkent International Investment Forum launched as Uzbekistan continues FDI drive
With Uzbekistan's economy nearly doubling with 6% GDP growth in 2023 and over $90 billion in foreign investments have been attracted, TIIF 2024 is set to drive further deals and investment. TASHKENT, Uzbekistan, April 3, 2025 /CNW/ -- The Ministry of Investment, Industry, and Trade of the Republic of Uzbekistan (MIIT) have announced the fourth annual Tashkent International Investment Forum (TIIF), Uzbekistan's most significant international economic event, will be taking place at the Central Asian Expo (CAEx) Uzbekistan from 10-12 June 2025. Laziz Kudratov, Minister of Investment, Industry, and Trade of the Republic of Uzbekistan, highlighted the country's strengthening position as a dynamically developing investment hub in Central Asia. "The government is taking decisive steps to improve Uzbekistan's investment and business climate, removing all barriers," he stated. Over 3,000 participants from more than 75 different countries are expected to travel to Tashkent for TIIF 2025. Many of the participants are major investors, financial institutions, policymakers, economists, corporate leaders, experts in sustainability, innovation, and digital transformation. During the announcement, Minister Kudratov spoke about the promising progress Uzbekistan is making noting that the economy has nearly doubled in recent years, with 6% GDP growth in 2023. Trade turnover continues to grow steadily, and over $90 billion in foreign investments have been attracted. Minister Kudratov said: "TIIF-2025 is not just a forum—it's a real tool for attracting investments, forging strategic partnerships, and discussing global economic trends. We invite all interested parties to join this landmark event." What to expect from TIIF 2025 This year's program will focus on strategic sectors, investment opportunities, legislative reforms and business climate improvements. Selected participants will also be invited to a plenary session with Shavkat Mirziyoyev, President of Uzbekistan. TIIF 2025 will be focused on a number of key topics which will give participants the opportunity to listen to industry leaders on the below: SMEs as the engine of economic growth Industrial progress: automotive, electrical engineering, machinery Water resource management challenges and innovations Investor protection and legal system modernisation Fintech and e-commerce development Green energy and sustainable development Privatisation and investment reforms Urban development and infrastructure modernisation Textile and chemical industry value chains Digitalisation and AI as new business frontiers Through comprehensive reforms, and a favourable business environment, Uzbekistan is seeing real progress. The "Uzbekistan-2030" Strategy is accelerating to support the economic development of the country. By 2030, Uzbekistan's GDP is projected to reach $200 billion. The previous TIIF in 2024 brought together 2,500+ participants and a record $26.6 billion in agreements were signed, demonstrating Uzbekistan's high investment appeal. TIIF is an internationally recognised space that platforms the high-growth potential of Uzbekistan and other Central Asian markets. To register for the 2025 Forum, visit Photo - View original content to download multimedia: SOURCE Tashkent International Investment Forum View original content to download multimedia: Sign in to access your portfolio
