Uzbek Official To QNA: Many Promising Opportunities For Economic, Trade Cooperation Between Uzbekistan, Qatar

HE Deputy Advisor to the President of the Republic of Uzbekistan for Economic Affairs and Director of Center for Economic Research and Reform Khakimov Obid Arzikulovich praised the great renaissance achieved by the State of Qatar over the past 20 years as a huge success, occupying a leading position in the region.

In a statement to QNA, HE Arzikulovich said that thanks to Qatar’s political will, the country accomplished many achievements in recent years, making it a role model for success and excellence.

The Uzbek official described HH the Amir Sheikh Tamim bin Hamad Al-Thani’s visit to Uzbekistan as an important milestone in the Qatari-Uzbek bilateral relations, opening new doors for cooperation in various fields, especially in energy and agriculture.

With the State of Qatar’s extensive experience in oil and gas and Uzbekistan’s great capabilities in the agricultural sector, they create opportunities for future cooperation and to expand trade exchange in these fields, His Excellency said.

Cultural and religious ties also are an important factor in advancing economic cooperation between the two countries, as this contributes to bringing views closer that take into account both parties’ common interests, HE highlighted.

The Uzbek official expressed his hope that economic relations between Uzbekistan and Qatar would rise to the level of political relations, noting that HH the Amir’s visit will be an opportunity for all stakeholders in the public and private sectors to strengthen trade and economic cooperation, and search for promising opportunities in investment and joint projects.

In this context, he called to launch an economic forum between the two countries as an opportunity for those interested in the business sector to sit at one table and discuss all possible opportunities to enhance economic cooperation.

His Excellency urged both countries private sector to seize the opportunity and benefit from the distinguished relations between Uzbekistan and Qatar, take initiatives, and enter into serious negotiations to establish promising economic partnerships that benefit both parties.

Opening direct flights between the two countries in the coming period is very important as it will contribute to prompting investors from both countries to invest in new projects related to energy, water, and modern technology, sectors that are of great importance to his country, His Excellency stressed.

HE Khakimov Obid Arzikulovich indicated that his country’s geographical location provides great access to the Asian market, an incentive for Qatari businessmen and investors to reach and access new markets in Asia.

The volume of trade exchange between Uzbekistan and the State of Qatar amounted to USD 4.82 million in 2022, of which USD 4.32 million are imports from Qatar to Uzbekistan that include petroleum products and fuels, His Excellency said.

Uzbekistan aims to attract foreign investment in the development of the oil and gas industry to expand the exploration and production of hydrocarbons, His Excellency explained.

Given the growth in the consumption of hydrocarbons, Uzbekistan is set to invest about USD 9.8 billion in this industry from 2019 to 2030. This includes USD 3.5 billion for exploration and USD 6.3 billion for increasing natural gas production, which constitutes an opportunity for Qatari investors to join Uzbekistan’s booming economy.

The Uzbek official also referred to the possibilities of attracting Qatari capital to invest in the electric power sector in Uzbekistan, a highly-prioritized area, to develop important generation capacities in areas such as thermal power plants, nuclear energy, and renewable energy sources, while attracting foreign direct investment.

The modernization of industrial production and deep processing of agricultural products, and the modernization of infrastructure in Uzbekistan with the participation of leading Qatari companies and financial institutions would increase mutual benefits and enhance cooperation between the two countries, HE said.

Concluding his statement, HE Deputy Advisor of the President of the Republic of Uzbekistan praised the pioneering role played by the State of Qatar in the region, as well as its strong economy, its work to diversify sources of national income, its adoption of a policy of wise use of resources, its investment in infrastructure, and building a diversified economy. His Excellency also praised Qatar’s approach to developing human capital, while pursuing a distinctive development strategy, which made Qatar’s policy respected by other countries, including Uzbekistan.

Source: Qatar News Agency