Uzbekistan and the United Arab Emirates (UAE) have agreed to increase trade volume and investments in textile, renewable energy, agriculture and infrastructure at the third session of the joint economic committee of both the countries that was held recently in Tashkent. Both sides also agreed to cooperate in small and medium enterprises and manufacturing.

The committee was chaired by Sultan Bin Saeed Al Mansouri, UAE minister of economy, and Ganiev Elyor Majidovich, Deputy Prime Minister of Uzbekistan, according to some reports. The UAE Government is looking forward to the session’s outcomes as an important factor to enhance economic partnerships between both sides, said Al Mansouri.

The volume of non-oil trade exchange between the two countries in 2017 was worth $387 mn, which, he said, does not go well with the aspirations and potential of both the countries. The UAE Minister also called on Uzbek companies to participate in Expo 2020.

During the session, both sides agreed to implement mutually beneficial investments with the support of a joint venture company with a declared capital of $1 bn. The company is now being set-up by the Abu Dhabi Fund for Development and the Uzbek Fund for Reconstruction and Development.