Uzbekistan and the UAE expand investment cooperation

On September 20 this year, Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov negotiated with Minister of Energy and Infrastructure of the United Arab Emirates Suhail Mohammed Al Mazroui via video-conferencing.

During the video-conference, the parties discussed a wide range of issues related to commercial, economic and investment cooperation as well as practical aspects of interaction in key areas of strategic partnership and the implementation of joint projects.

They emphasized a significant progress in bilateral agreements. There is a launch of operation of a joint Uzbek-Emirati investment company with an authorized capital totaling USD 1 billion, the finish of approval of agreements involving Mubadala in the privatization of the Talimarjan TPP, the approval of allocation of USD 300 million by the Abu Dhabi Development Fund for modernization of Samarkand infrastructure, as well as financing of the construction of 4-star hotel and shopping center in Samarkand.

There is significant progress in cooperation with Masdar. In January 2020, the principal legal agreements were signed on the project for the construction of a 500 MW WPP in Navoi region. In addition, preparation to construction works under the project to build a 100 MW solar power plant in the same region was finished. Masdar won the tender for the construction of this power plant in October 2019. The investment agreement and an agreement for the purchase of electricity were signed with the Emirati partners in November.

The parties separately considered practical aspects of ongoing investment projects and outlined further measures to accelerate their implementation.

The negotiations also touched upon opportunities to expand investment and industrial cooperation through joint work towards new investment projects in petrochemistry, energy, agriculture, infrastructure, telecommunications, healthcare, tourism and the financial areas.

The parties also agreed to organize a joint working group to determine the most promising areas of cooperation and attract specialized consultants to analyze the investment attractiveness of specific projects and initiatives.

There was an agreement to establish active cooperation in healthcare with a view to attraction of advanced Emirati experience and technologies in this area, as well as the implementation of joint measures aimed at countering the spread of coronavirus infection and protecting public health.

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